BNB/USDT Review 4hinterval - Resistance and Support
Hello everyone, I invite you to review the chart of BNB in pair to USDT, on a four-hour interval. In the first place, using the yellow line, we can mark the uptrend line that did not hold the price, while currently, using the blue lines, we can mark the downtrend channel from which the price goes sideways.
Now let's move on to marking the places of support. We will use the Fib Retracement tool to mark the supports, and as you can see, we have the first very strong support at the price of $ 234.4, it is equal to 0.618 Fib, the so-called golden fibon point, the second support at the price of $ 228.2, and then we can see a decrease around 220 .1$, which is the location of the last price low.
Looking the other way, we can also mark the places where the price should encounter resistance on the way to increases. And here we see that the price has no strength to break through the resistance at $238.3, however when it does, it still needs to break through the strong resistance from $243 to $249 for the price to move further towards the resistance at $257.4.
Please pay attention to the CHOP Index, which indicates that there is a lot of energy to move. The MACD indicator maintains a local downtrend. On the other hand, the RSI is moving around the lower border, which may give the price an increase in the coming hours.
Now let's move on to marking the places of support. We will use the Fib Retracement tool to mark the supports, and as you can see, we have the first very strong support at the price of $ 234.4, it is equal to 0.618 Fib, the so-called golden fibon point, the second support at the price of $ 228.2, and then we can see a decrease around 220 .1$, which is the location of the last price low.
Looking the other way, we can also mark the places where the price should encounter resistance on the way to increases. And here we see that the price has no strength to break through the resistance at $238.3, however when it does, it still needs to break through the strong resistance from $243 to $249 for the price to move further towards the resistance at $257.4.
Please pay attention to the CHOP Index, which indicates that there is a lot of energy to move. The MACD indicator maintains a local downtrend. On the other hand, the RSI is moving around the lower border, which may give the price an increase in the coming hours.