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 left the local downward trend channel and we are currently moving along a newly created upward trend line.
Using the Fib Retracement grid, we can determine a visible strong resistance zone from $66,880 to $69,006, this zone also includes the level of the newly minted ATH, while exiting this zone and maintaining it by the price may result in an upward move to around $75,000
When it comes to supports, there are two visible ones: the first at the level of $64,372 and the second at the price of $62,348, then we have an important support zone from $60,885 to $59,038.
When we look at the RSI indicator, we can see that we are just breaking out of the local growth line, with room for price decline, while the STOCH indicator has a lot of room for a rebound after we could see a move at the upper limit.
Using the Fib Retracement grid, we can determine a visible strong resistance zone from $66,880 to $69,006, this zone also includes the level of the newly minted ATH, while exiting this zone and maintaining it by the price may result in an upward move to around $75,000
When it comes to supports, there are two visible ones: the first at the level of $64,372 and the second at the price of $62,348, then we have an important support zone from $60,885 to $59,038.
When we look at the RSI indicator, we can see that we are just breaking out of the local growth line, with room for price decline, while the STOCH indicator has a lot of room for a rebound after we could see a move at the upper limit.