Hello everyone, let's take a look at the BTC to USDT chart on a 4-hour time frame. As we can see, the price is struggling on the border of the uptrend line.
Let's start by determining the support line and as you can see, the first support in the near future is $63,722, if the support is broken, the next support is $58,762, and then you can see strong support around the level of $50,603.
Looking the other way, you can see how the price bounced off the resistance at $71,358, another significant resistance should appear from the last ATH to around $76,000, and then the third resistance is at $82,387.
Looking at the RSI indicator, we can see that we are moving below the downward trend line and are currently bouncing off the support point, while the STOCH indicator still shows room for a potential downward move.
Let's start by determining the support line and as you can see, the first support in the near future is $63,722, if the support is broken, the next support is $58,762, and then you can see strong support around the level of $50,603.
Looking the other way, you can see how the price bounced off the resistance at $71,358, another significant resistance should appear from the last ATH to around $76,000, and then the third resistance is at $82,387.
Looking at the RSI indicator, we can see that we are moving below the downward trend line and are currently bouncing off the support point, while the STOCH indicator still shows room for a potential downward move.