Hello everyone, let's look at the BTC to USDT chart on a 4-hour timeframe. As you can see, the price has moved down from the local uptrend channel.
Let's start with setting the support line and as you can see, the price is currently moving in the important support zone from $30,433 to $30,159, if the price falls below the zone, we can see a drop to the support area at $29,373.
Now let's move on to the resistance line, as you can see we have the first resistance zone from $30696 to $30915 and then the price needs to break through the second zone from $31154 to $31468.
Looking at the CHOP indicator, we see that there is a lot of energy to move, the MACD indicates the maintenance of the local downtrend, while the RSI shows a rebound, but there is still room for the price to go a little lower.
Let's start with setting the support line and as you can see, the price is currently moving in the important support zone from $30,433 to $30,159, if the price falls below the zone, we can see a drop to the support area at $29,373.
Now let's move on to the resistance line, as you can see we have the first resistance zone from $30696 to $30915 and then the price needs to break through the second zone from $31154 to $31468.
Looking at the CHOP indicator, we see that there is a lot of energy to move, the MACD indicates the maintenance of the local downtrend, while the RSI shows a rebound, but there is still room for the price to go a little lower.