Hello everyone, let's look at the BTC to USDT chart on a 4-hour time frame. As you can see, the price has been moving in an uptrend channel for almost twenty days, which we have marked with blue lines.
It is now worth checking what supports we should consider in the coming hours or days and as you can see the first support is $17070, if the support is broken then the next support is $16977, $16885 and $16750.
Now let's go from the resistance line, as you can see the first resistance that the price has to overcome and positively test is $17221, if you manage to break it the next resistance will be $17323, $17412 and $17491.
Looking at the CHOP indicator, we see that in the 4-hour interval, the energy begins to gain strength, the MACD indicator indicates that we have entered a local downtrend, while the RSI shows that we are quite high and we should consider hedging the position in case of a correction.
It is now worth checking what supports we should consider in the coming hours or days and as you can see the first support is $17070, if the support is broken then the next support is $16977, $16885 and $16750.
Now let's go from the resistance line, as you can see the first resistance that the price has to overcome and positively test is $17221, if you manage to break it the next resistance will be $17323, $17412 and $17491.
Looking at the CHOP indicator, we see that in the 4-hour interval, the energy begins to gain strength, the MACD indicator indicates that we have entered a local downtrend, while the RSI shows that we are quite high and we should consider hedging the position in case of a correction.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.