BTC/USDT Short-Term 1HInterval Review
Hello everyone, let's take a look at the BTC to USDT chart on a one hour timeframe. As you can see, the price is moving in the downtrend channel.
When we lay out the trend based fib extension grid, we can identify a support zone from $25695 to $25627 that the price is approaching, then we have a second zone from $25560 to $25465 and then a strong support at $25343.
Looking the other way, first resistance is at $25,479, then second resistance at $25,866, then we have a resistance zone from $25,960 to $26,055, then strong resistance at $26,188.
Looking at the CHOP indicator, we see that there is energy for a further move, on the RSI we see a rebound with room for a further decrease, however, the STOCH indicator indicates that the energy in this move has been heavily consumed, which may stop further correction and give a sideways trend.
When we lay out the trend based fib extension grid, we can identify a support zone from $25695 to $25627 that the price is approaching, then we have a second zone from $25560 to $25465 and then a strong support at $25343.
Looking the other way, first resistance is at $25,479, then second resistance at $25,866, then we have a resistance zone from $25,960 to $26,055, then strong resistance at $26,188.
Looking at the CHOP indicator, we see that there is energy for a further move, on the RSI we see a rebound with room for a further decrease, however, the STOCH indicator indicates that the energy in this move has been heavily consumed, which may stop further correction and give a sideways trend.
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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.