Hello everyone, I invite you to review the situation of BTC in pair with USDT, taking into account the one-day time frame. First, we will use the yellow line to mark the downward trend lines from which the price has gone up, while locally using the blue lines we can determine the upward trend channel in which the BTC price is currently located.
Moreover, it is worth mentioning that the price has recently moved above the moving average of 200, returning to the strong upward trend, and it is important that it maintains this trend now.
Now we can move on to marking support areas in the event of a correction. And here, first of all, it is worth marking the support zone from $28,072 to $27,460, but when we fall below this zone, we may see a drop to the area of the second zone from $26,849 to $25,987, and then we have strong support at $24,861.
Looking the other way, we can determine resistance locations in a similar way using the Fib Retracement tool. And as we can see, the price is struggling to stay at the resistance level of $28,377, we still have a strong resistance zone from $29,211 to $30,365, which rejected a strong upward movement, only when we get out of this zone and it is positively tested will the path towards a strong resistance at $31,866.
Please pay attention to the CHOP index, which indicates that most of the energy has been used, on the RSI indicator we are moving in the upper part of the range, but there is room for the price to go slightly higher after this recovery, also the STOCH indicator shows that there is still some room left for the continuation of the movement.
Moreover, it is worth mentioning that the price has recently moved above the moving average of 200, returning to the strong upward trend, and it is important that it maintains this trend now.
Now we can move on to marking support areas in the event of a correction. And here, first of all, it is worth marking the support zone from $28,072 to $27,460, but when we fall below this zone, we may see a drop to the area of the second zone from $26,849 to $25,987, and then we have strong support at $24,861.
Looking the other way, we can determine resistance locations in a similar way using the Fib Retracement tool. And as we can see, the price is struggling to stay at the resistance level of $28,377, we still have a strong resistance zone from $29,211 to $30,365, which rejected a strong upward movement, only when we get out of this zone and it is positively tested will the path towards a strong resistance at $31,866.
Please pay attention to the CHOP index, which indicates that most of the energy has been used, on the RSI indicator we are moving in the upper part of the range, but there is room for the price to go slightly higher after this recovery, also the STOCH indicator shows that there is still some room left for the continuation of the movement.