Hello everyone, I invite you to review the current situation on the BTC pair to USDT, taking into account the four-hour interval. First, we will use the blue lines to mark the downtrend channel, while locally, we can see that the price has broken the local downtrend line.
Now we can move on to marking the places of support in the event of a correction. And here in the first place we have significant support at $ 26595, but if the support does not hold the price, then we have another support at $ 25998, then third support at $ 25526, and fourth support at $ 25045.
Looking the other way, in a similar way, using the trend based fib extension tool, we can determine the places of resistance. First, we see that the price is fighting a strong resistance at the level of $ 27512, which so far has no strength to break, the next resistance is at the price of $ 27984, when we manage to overcome it, we can see a strong increase in the price around $ 29320.
Please pay attention to the CHOP index which indicates that the energy is gathering strength, the MACD indicator indicates that we are moving in a local uptrend, while the RSI shows an increase in the upper part of the range, so you should watch if we touch the upper limit, which could give a change again downward trend.
Now we can move on to marking the places of support in the event of a correction. And here in the first place we have significant support at $ 26595, but if the support does not hold the price, then we have another support at $ 25998, then third support at $ 25526, and fourth support at $ 25045.
Looking the other way, in a similar way, using the trend based fib extension tool, we can determine the places of resistance. First, we see that the price is fighting a strong resistance at the level of $ 27512, which so far has no strength to break, the next resistance is at the price of $ 27984, when we manage to overcome it, we can see a strong increase in the price around $ 29320.
Please pay attention to the CHOP index which indicates that the energy is gathering strength, the MACD indicator indicates that we are moving in a local uptrend, while the RSI shows an increase in the upper part of the range, so you should watch if we touch the upper limit, which could give a change again downward trend.