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 has moved higher from the local downtrend line.
After unfolding the Fib Retracement grid, we can determine a support zone from $26,422 to $26,132, then we have a second zone from $25,656 to $25,320, and then strong support at $24,885.
Looking the other way, we see that the price has turned back before the resistance zone from $26,918 to $27,461, when we overcome it, we have another very strong resistance at the price of $28,160.
Looking at the CHOP indicator, we see that the energy is running out, while the RSI indicator is back near the middle of the range, which gives room for a new increase, but it is worth waiting for the energy to regain.
After unfolding the Fib Retracement grid, we can determine a support zone from $26,422 to $26,132, then we have a second zone from $25,656 to $25,320, and then strong support at $24,885.
Looking the other way, we see that the price has turned back before the resistance zone from $26,918 to $27,461, when we overcome it, we have another very strong resistance at the price of $28,160.
Looking at the CHOP indicator, we see that the energy is running out, while the RSI indicator is back near the middle of the range, which gives room for a new increase, but it is worth waiting for the energy to regain.