BTC/USDT 4HInterval Chart Review
Hello everyone, I invite you to every Friday cryptocurrency review. Let's start by checking the current situation on the BTC to USDT pair, taking into account the four-hour interval. First, we will use blue lines to mark the local downward trend channel to which the price has returned.
In order to check the support areas, we will use the Trend Based Fib Extension tool, and after unfolding the grid we can see that the price is based on the support zone from $36,023 to $35,492, but when the zone does not maintain the price, we can see a drop to the support level of $34,808 .
Looking the other way, we can determine resistance areas in a similar way. First, the price must again overcome the resistance at $36,721, only then will we move towards the strong resistance zone from $37,470 to $38,001.
Please pay attention to the CHOP index, which indicates that there is energy for further movements, on the RSI indicator there is still room for the price to go lower, while on the STOCH indicator we are approaching the lower limit, but there is still some room for further downward movements.
In order to check the support areas, we will use the Trend Based Fib Extension tool, and after unfolding the grid we can see that the price is based on the support zone from $36,023 to $35,492, but when the zone does not maintain the price, we can see a drop to the support level of $34,808 .
Looking the other way, we can determine resistance areas in a similar way. First, the price must again overcome the resistance at $36,721, only then will we move towards the strong resistance zone from $37,470 to $38,001.
Please pay attention to the CHOP index, which indicates that there is energy for further movements, on the RSI indicator there is still room for the price to go lower, while on the STOCH indicator we are approaching the lower limit, but there is still some room for further downward movements.
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