Hello everyone, I invite you to review the current situation on BTC in pair to USDT, taking into account the one-day interval. First, we will use the yellow line to mark the uptrend line from which the price went down, while we are currently moving in the downtrend channel, for which we used the blue line.
Now we can move on to marking the places of support in the event of a correction. And here we see that the price is at the support level of $26640, then it is worth marking a strong support zone from $25289 to $23939, however, when we fall below this zone, we can see a drop to around $22028.
Looking the other way, in a similar way using the fib retracement tool, we can determine the places of resistance. We will first mark a strong resistance zone from $29,008 to $29,880 when it is broken, then we have a second support at $31,023 and then a third support at $34,201.
Please pay attention to the CHOP index which indicates that we have a lot of energy, the MACD indicator is on the verge of returning to an uptrend, while the RSI is moving in the lower part of the range, but it is worth noting that a small upward movement gives a visible movement on the indicator, which in the long run can quickly limit room for price increases.
Now we can move on to marking the places of support in the event of a correction. And here we see that the price is at the support level of $26640, then it is worth marking a strong support zone from $25289 to $23939, however, when we fall below this zone, we can see a drop to around $22028.
Looking the other way, in a similar way using the fib retracement tool, we can determine the places of resistance. We will first mark a strong resistance zone from $29,008 to $29,880 when it is broken, then we have a second support at $31,023 and then a third support at $34,201.
Please pay attention to the CHOP index which indicates that we have a lot of energy, the MACD indicator is on the verge of returning to an uptrend, while the RSI is moving in the lower part of the range, but it is worth noting that a small upward movement gives a visible movement on the indicator, which in the long run can quickly limit room for price increases.