BTC new ATH and Correction
Hello everyone, let's take a look at the BTC to USDT chart on a one hour time frame. As you can see, the price dynamically moved lower from the local upward trend line.
Let's start by determining the support and as you can see, the price is in the support zone from $62,971 to $61,218, and may continue to stay around $58,999.
Looking the other way, you can see resistance at the level of $64,493, then the second one at $66,360, and then a very strong resistance zone from $67,691 to $69,349, where the price described the new ATH.
Looking at the RSI indicator, you can see a local downward trend line, with room for a larger correction, while on the STOCH indicator we are approaching the lower limit but a possible downward movement is still visible.
Let's start by determining the support and as you can see, the price is in the support zone from $62,971 to $61,218, and may continue to stay around $58,999.
Looking the other way, you can see resistance at the level of $64,493, then the second one at $66,360, and then a very strong resistance zone from $67,691 to $69,349, where the price described the new ATH.
Looking at the RSI indicator, you can see a local downward trend line, with room for a larger correction, while on the STOCH indicator we are approaching the lower limit but a possible downward movement is still visible.