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 is moving above the local downtrend line.
When we unfold the Trend Based Fib Extension grid, we can see a strong support zone from $33,442 to $33,152.
Looking the other way, there is a resistance zone from $34,551 to $34,861, followed by strong resistance at $35,260.
Looking at the CHOP indicator, we see that the energy is slowly starting to grow, on the RSI we are moving around the middle of the range, but when we look at the STOCH indicator, we can see that we are approaching the lower limit, which may result in a greater price recovery before rising again.
When we unfold the Trend Based Fib Extension grid, we can see a strong support zone from $33,442 to $33,152.
Looking the other way, there is a resistance zone from $34,551 to $34,861, followed by strong resistance at $35,260.
Looking at the CHOP indicator, we see that the energy is slowly starting to grow, on the RSI we are moving around the middle of the range, but when we look at the STOCH indicator, we can see that we are approaching the lower limit, which may result in a greater price recovery before rising again.