Hello everyone, let's look at the BTC to USDT chart on a one hour time frame. As you can see, the price has broken the local downtrend line.
Let's start with determining the support line using the Trend Based Fib Extension tool and as you can see, first we have a support zone that defended the price from $ 24597 to $ 24237, if the support is broken then the next support is $ 23955, and then we have support at $ 23655.
Now let's move on to the resistance that price has on its way and here too we can mark the resistance zone from $24921 to $25107 if you manage to break it the next resistance will be $25335 then at $26025 and the next significant level is at price $27,123.
Looking at the CHOP indicator, we see that the energy is gaining a lot of strength, the MACD is close to returning to the local uptrend, while the RSI is moving sideways in the middle of the range, which makes it difficult to clearly determine the direction.
Let's start with determining the support line using the Trend Based Fib Extension tool and as you can see, first we have a support zone that defended the price from $ 24597 to $ 24237, if the support is broken then the next support is $ 23955, and then we have support at $ 23655.
Now let's move on to the resistance that price has on its way and here too we can mark the resistance zone from $24921 to $25107 if you manage to break it the next resistance will be $25335 then at $26025 and the next significant level is at price $27,123.
Looking at the CHOP indicator, we see that the energy is gaining a lot of strength, the MACD is close to returning to the local uptrend, while the RSI is moving sideways in the middle of the range, which makes it difficult to clearly determine the direction.