As the second chart in today's review, we'll be looking at BTC vs USDT, given a four-hour time frame. First of all, using the blue lines, we can mark the uptrend channel from which the price went down.
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 $27,710, the second support at $27,451, the third at $27,069, and then the fourth support at $26,581.
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 resistance at $27974, the next resistance at $28295, then the third resistance at $28544 and the fourth at $28793.
The CHOP index indicates that there is plenty of energy for the next move. The MACD indicator indicates a local downtrend. On the other hand, we see a rebound on the RSI, which positively makes room for new increases.
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 $27,710, the second support at $27,451, the third at $27,069, and then the fourth support at $26,581.
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 resistance at $27974, the next resistance at $28295, then the third resistance at $28544 and the fourth at $28793.
The CHOP index indicates that there is plenty of energy for the next move. The MACD indicator indicates a local downtrend. On the other hand, we see a rebound on the RSI, which positively makes room for new increases.