Hello everyone, let's look at the BTC to USDT chart on a 4-hour time frame. As you can see, the price is moving above the local uptrend line.
Let's start with the support line and as you can see the first support in the near term is $22972, if the support is broken the next strong support is at $22439.
Now let's move to the resistance line, as you can see the first resistance is $23211, if you manage to break it the next resistance will be $23430, $23605 and $23780.
Looking at the CHOP indicator, we see that most of the energy has been used up, the MACD is close to entering a local uptrend, while the RSI indicator is moving at the upper end of the range, which may indicate a small correction.
Let's start with the support line and as you can see the first support in the near term is $22972, if the support is broken the next strong support is at $22439.
Now let's move to the resistance line, as you can see the first resistance is $23211, if you manage to break it the next resistance will be $23430, $23605 and $23780.
Looking at the CHOP indicator, we see that most of the energy has been used up, the MACD is close to entering a local uptrend, while the RSI indicator is moving at the upper end of the range, which may indicate a small correction.