Daily review of BTC interval 4H
Hello everyone, let's look at the BTC to USDT chart on a 4-hour timeframe. As you can see, the price has been moving in the uptrend channel marked with blue lines for a long time, we can see attempts to exit the channel downwards, however, the price defended itself and quickly started to go up.
Let's start with setting the support line and as you can see, the price has moved back to around 0.61 Fib, which is a strong support at $ 17,705, if the support is broken, the next support is $ 17,624, $ 17,513 and $ 17,220, which is also very strong support as before was a strong resistance for the price.
Interestingly, we can now mark the first, second, third and fourth wave we are currently in, interestingly, there is no divergence, does this mean that we can see the fifth wave?
Now let's move on to the resistance line, as you can see the first resistance is at $17884, if you break it, the next resistance will be at $18045, the third resistance is at $18183 and the fourth at $18813.
Please take a look at the CHOP index which indicates that the energy has been used on the four-hour interval, while on the RSI we see that we are very high which often indicates a price correction.
Let's start with setting the support line and as you can see, the price has moved back to around 0.61 Fib, which is a strong support at $ 17,705, if the support is broken, the next support is $ 17,624, $ 17,513 and $ 17,220, which is also very strong support as before was a strong resistance for the price.
Interestingly, we can now mark the first, second, third and fourth wave we are currently in, interestingly, there is no divergence, does this mean that we can see the fifth wave?
Now let's move on to the resistance line, as you can see the first resistance is at $17884, if you break it, the next resistance will be at $18045, the third resistance is at $18183 and the fourth at $18813.
Please take a look at the CHOP index which indicates that the energy has been used on the four-hour interval, while on the RSI we see that we are very high which often indicates a price correction.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.