DAILY BTC Chart Review 4HInterval
Hello everyone, I invite you to check the current situation on BTC in pair to USDT, taking into account the four-hour interval. First, we will use the blue lines to mark the sideways trend channel in which the price is moving. Despite an attempt to exit the indicated channel upwards, the price quickly returned to its previous level. Locally, using the yellow line, we can mark a downtrend under which the price remains.
Now we can move on to marking support areas when the price starts a major correction. For this purpose, we will use the trend based fib extension tool and after unfolding the grid, we can see that the first support is at $ 25,462, then we have support at $ 25,054, and then we can mark support zone from $24,712 to $24,385.
Looking the other way, we can determine the places of resistance in a similar way. Here we can see that the price is fighting a resistance at $25986 which it has no strength to break yet, then there is a resistance at $26393, a third resistance at $26721, then the price needs to break the resistance zone from $27055 to $27536 to go further towards the resistance at $28,125.
Please pay attention to the CHOP index, which indicates that a lot of energy has been accumulated for the upcoming move, the RSI indicator is moving in the lower part of the range with a place for the price to go a little lower, while the STOCH indicator, despite a significant rebound, is still there so that we can see the price drop .
Now we can move on to marking support areas when the price starts a major correction. For this purpose, we will use the trend based fib extension tool and after unfolding the grid, we can see that the first support is at $ 25,462, then we have support at $ 25,054, and then we can mark support zone from $24,712 to $24,385.
Looking the other way, we can determine the places of resistance in a similar way. Here we can see that the price is fighting a resistance at $25986 which it has no strength to break yet, then there is a resistance at $26393, a third resistance at $26721, then the price needs to break the resistance zone from $27055 to $27536 to go further towards the resistance at $28,125.
Please pay attention to the CHOP index, which indicates that a lot of energy has been accumulated for the upcoming move, the RSI indicator is moving in the lower part of the range with a place for the price to go a little lower, while the STOCH indicator, despite a significant rebound, is still there so that we can see the price drop .
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