BNB/USDT 4HInterval Review CHART
Hello everyone, welcome to the BNB to USDT chart review on a four-hour timeframe. We will start by selecting the uptrend channel in which the price is moving at the lower border, locally we can see that we managed to get out of the downtrend line at the top.
When we lay out the Fib Retracement grid, we see that the price stayed in the strong support zone from $241 to $236 and has now moved above it, however, when the direction of the price changes and the zone is broken, we still have very strong support at $229 and then level of $221.
Looking the other way, we see a third approach to resistance at $245, then we can see a rapid rise to a strong resistance zone from $248 to $251, when it breaks out higher, we have resistance at $255, then at $261 $.
The CHOP index indicates that there is energy to be used, the RSI is moving in the upper part of the range, and what's more, we can see that downward movements on the indicator give a larger correction than upward movements. On the STOCH indicator, we are approaching the upper limit, which may also affect the upcoming price rebound.
When we lay out the Fib Retracement grid, we see that the price stayed in the strong support zone from $241 to $236 and has now moved above it, however, when the direction of the price changes and the zone is broken, we still have very strong support at $229 and then level of $221.
Looking the other way, we see a third approach to resistance at $245, then we can see a rapid rise to a strong resistance zone from $248 to $251, when it breaks out higher, we have resistance at $255, then at $261 $.
The CHOP index indicates that there is energy to be used, the RSI is moving in the upper part of the range, and what's more, we can see that downward movements on the indicator give a larger correction than upward movements. On the STOCH indicator, we are approaching the upper limit, which may also affect the upcoming price rebound.