BTC/USDT 4H Chart Review
Hi everyone, let's look at the BTC to USDT chart, looking at the 4h time frame, we can see that the price is moving in a triangle where we are getting close to the exit and taking the direction of further movement.
In the short term, we can start by defining potential SLs in a situation where the price continues to correct:
SL1 = 94431 USD
SL2 = 92902 USD
SL3 = 91260 USD
SL4 = 88598 USD
However, if the price changes direction and the visible green candle starts to gain strength, it is worth moving on to setting goals for the near future, which include:
T1 = 96526 USD
T2 = 98225 USD
T3 = 99528 USD
T4 = 101113 USD
When we look at the additional indicators, we can see how the CHOP indicator and the RSI indicator are around the middle of the range, which indicates a possible movement in both directions, but here we also have the STOCH indicator, which shows an upward movement below the middle of the range, which in the short term may raise the price a bit more.
In the short term, we can start by defining potential SLs in a situation where the price continues to correct:
SL1 = 94431 USD
SL2 = 92902 USD
SL3 = 91260 USD
SL4 = 88598 USD
However, if the price changes direction and the visible green candle starts to gain strength, it is worth moving on to setting goals for the near future, which include:
T1 = 96526 USD
T2 = 98225 USD
T3 = 99528 USD
T4 = 101113 USD
When we look at the additional indicators, we can see how the CHOP indicator and the RSI indicator are around the middle of the range, which indicates a possible movement in both directions, but here we also have the STOCH indicator, which shows an upward movement below the middle of the range, which in the short term may raise the price a bit more.
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