MATIC/USDT 4HInterval Resistance and Support
Hello everyone, I invite you to review the MATIC chart in pair to USDT, also on a four-hour interval. First of all, using the yellow lines, we can mark the downtrend channel in which the price is currently moving.
Now let's move on to marking the places of support. We will use the Trend Based Fib Extension tool to mark the supports, and as you can see, we have the first support at $1.06, the second support at $0.99, the third at $0.93, and the fourth at $0.87.
Looking the other way, we can also mark the places where the price should encounter resistance on the way to increases. And here we have the first significant resistance at $1.18, the next resistance at $1.24, then the third resistance at $1.30, and the fourth at $1.34.
Now let's move on to Index CHOP which indicates that energy has been used for the correction but there is still some left. The MACD indicator is on the verge of entering a local downtrend. On the other hand, we see a significant rebound on the RSI, we are approaching the lower limit of the range, which may indicate an upcoming trend change.
Now let's move on to marking the places of support. We will use the Trend Based Fib Extension tool to mark the supports, and as you can see, we have the first support at $1.06, the second support at $0.99, the third at $0.93, and the fourth at $0.87.
Looking the other way, we can also mark the places where the price should encounter resistance on the way to increases. And here we have the first significant resistance at $1.18, the next resistance at $1.24, then the third resistance at $1.30, and the fourth at $1.34.
Now let's move on to Index CHOP which indicates that energy has been used for the correction but there is still some left. The MACD indicator is on the verge of entering a local downtrend. On the other hand, we see a significant rebound on the RSI, we are approaching the lower limit of the range, which may indicate an upcoming trend change.