Hello everyone, I invite you to review the BTC to USDT chart, taking into account the four-hour interval. Here we will also start by defining an upward channel, this time from which the price broke out at the bottom and the decline itself was ultimately close to the height of the mentioned channel.
Next, you can see how the price moved upwards from the downtrend line, creating the current local uptrend line.
At this point, when we turn on Ema cross 10 and 30, we will see confirmation of the continuation of the local upward trend, which does not indicate a change in the trend.
Looking at the current increase, we will unfold the fib retracement grid, thanks to which we can see how the price is fighting in a strong resistance zone from $42,501 to $43,609, only when it comes out on top and tests positively, we will be able to see a further move towards the next strong resistance at $46,707.
Looking the other way, we will start by identifying support at $41,520, then we can see support at $40,426, at which the price has bounced many times, and we still have strong support at $38,636.
Please look at the RSI indicator as it shows a drop below the uptrend line and an attempt to come back. However, the STOCh indicator is again approaching the upper limit, which results in the suspension of the upward movement.
Next, you can see how the price moved upwards from the downtrend line, creating the current local uptrend line.
At this point, when we turn on Ema cross 10 and 30, we will see confirmation of the continuation of the local upward trend, which does not indicate a change in the trend.
Looking at the current increase, we will unfold the fib retracement grid, thanks to which we can see how the price is fighting in a strong resistance zone from $42,501 to $43,609, only when it comes out on top and tests positively, we will be able to see a further move towards the next strong resistance at $46,707.
Looking the other way, we will start by identifying support at $41,520, then we can see support at $40,426, at which the price has bounced many times, and we still have strong support at $38,636.
Please look at the RSI indicator as it shows a drop below the uptrend line and an attempt to come back. However, the STOCh indicator is again approaching the upper limit, which results in the suspension of the upward movement.