BTC/USDT 4HInterval Chart Review Long-Term
Hello everyone, I invite you to check the current situation on BTC in the USDT pair, taking into account the four-hour interval. First, using the yellow line, we will determine the main upward trend line, which begins at the last price low around $15,400, then we will move on to determining the second line, also the ongoing upward trend, along which the price is moving nicely.
Now we can move on to marking support areas in the event of a correction. And here, using the Trend based fib extension tool, you can see that we first have support at the level of $48765, going further it is worth defining the visible zone in which it bounced repeatedly from $44442 to $42203, however, if we fall below this zone and break out from trend line, we can see a downward impulse towards the support level of $35,634.
Looking the other way, we can determine resistance areas in a similar way. However, here we can see exits from the basic Fib levels, and now we are fighting a very strong level of $52,697, which has so far successfully kept the price from moving further. However, when the situation changes and the price breaks above this level and tests it positively, we will be able to see another upward movement towards the next very strong resistance at $61,321.
Moving on to the RSI indicator, it is worth marking a trend line here, what is more, there is room for correction, but here you can see that downward movements result in very slight price movements. When we look at the STOCH indicator, we can also see room for a potential rebound in the indicator and price.
Now we can move on to marking support areas in the event of a correction. And here, using the Trend based fib extension tool, you can see that we first have support at the level of $48765, going further it is worth defining the visible zone in which it bounced repeatedly from $44442 to $42203, however, if we fall below this zone and break out from trend line, we can see a downward impulse towards the support level of $35,634.
Looking the other way, we can determine resistance areas in a similar way. However, here we can see exits from the basic Fib levels, and now we are fighting a very strong level of $52,697, which has so far successfully kept the price from moving further. However, when the situation changes and the price breaks above this level and tests it positively, we will be able to see another upward movement towards the next very strong resistance at $61,321.
Moving on to the RSI indicator, it is worth marking a trend line here, what is more, there is room for correction, but here you can see that downward movements result in very slight price movements. When we look at the STOCH indicator, we can also see room for a potential rebound in the indicator and price.