Hello everyone, I invite you to check the current situation on BTC in the USDT pair, taking into account the one-hour interval. First, we will use the blue lines to mark the local upward trend channel in which the BTC price is moving, but at this point we will mark the local downward trend line with the yellow line.
Going further, it is worth checking the behavior of the EMA Cross 10 and 30 indicator, and as we can see, the red line emacorss 10 is starting to turn around and it is worth watching at this point whether it will cross the green ema cross 30 line from above, which would confirm the transition to a local downward trend.
Now we can move on to marking support areas in case the current correction deepens. And here, first of all, we have a visible support zone from $37,816 to $37,612, but when the price breaks below, we can see a drop to the area of the second zone from $37,117 to $36,747.
Looking the other way, we can determine resistance locations in a similar way using the trend based fib extension tool. First, we will mark a strong resistance zone from $38,080 to $38,872, when it is overcome, the price will move towards the resistance at $38,872.
Please pay attention to the CHOP index which indicates that there is still a lot of energy for movement, on the RSI indicator we are in the process of recovery, but there is still room for a larger decline, while the STOCH indicator approached the lower limit, which resulted in a slowdown in the decline, however, we can still see greater decline.
Going further, it is worth checking the behavior of the EMA Cross 10 and 30 indicator, and as we can see, the red line emacorss 10 is starting to turn around and it is worth watching at this point whether it will cross the green ema cross 30 line from above, which would confirm the transition to a local downward trend.
Now we can move on to marking support areas in case the current correction deepens. And here, first of all, we have a visible support zone from $37,816 to $37,612, but when the price breaks below, we can see a drop to the area of the second zone from $37,117 to $36,747.
Looking the other way, we can determine resistance locations in a similar way using the trend based fib extension tool. First, we will mark a strong resistance zone from $38,080 to $38,872, when it is overcome, the price will move towards the resistance at $38,872.
Please pay attention to the CHOP index which indicates that there is still a lot of energy for movement, on the RSI indicator we are in the process of recovery, but there is still room for a larger decline, while the STOCH indicator approached the lower limit, which resulted in a slowdown in the decline, however, we can still see greater decline.