BTC/USDT 4H Interval Chart Review
Hello everyone, I invite you to check the current situation on BTC in the USDT pair, taking into account the four-hour interval. First, we will use blue lines to mark the local channel of the upward trend, from which we could observe how the price dynamically breaks out from the bottom. After determining the height of the channel, we can see that the price drop after leaving it at the bottom resulted in a similar level of declines.
Now we can move on to marking support areas in case the correction begins to deepen. And here, after unfolding the Fib Retracement grid, it is first worth marking the support zone from $42,521 to $40,791, but when we fall below this zone, we may experience another quick price drop to around $35,689. Even to confirm, after unfolding the trend based fib extension grid, it can be seen that the level of the lower border of the support zone coincides with the level of 1.618fib, while the support below coincides with the level of 2.618fib.
Looking the other way, in a similar way using a fib retracement mesh, we can determine the places of resistance. Here we will start by identifying the resistance at $44,356, then it is worth considering the resistance zone from $47,377 to $48,999, which includes the currently established peak, and then we see resistance around $53,512.
After turning on the EMA Cross 50 and 200 indicator, you can see that despite the strong rebound that was triggered by events related to spot etf on BTC. resulted in a decline of approximately 15%, but the indicator still indicates a strong upward trend.
The RSI indicator shows a slight increase despite a slight price change on the chart, while the STOCH indicator shows a strong upward movement, which creates room for a new downward impulse that we should keep an eye on.
Now we can move on to marking support areas in case the correction begins to deepen. And here, after unfolding the Fib Retracement grid, it is first worth marking the support zone from $42,521 to $40,791, but when we fall below this zone, we may experience another quick price drop to around $35,689. Even to confirm, after unfolding the trend based fib extension grid, it can be seen that the level of the lower border of the support zone coincides with the level of 1.618fib, while the support below coincides with the level of 2.618fib.
Looking the other way, in a similar way using a fib retracement mesh, we can determine the places of resistance. Here we will start by identifying the resistance at $44,356, then it is worth considering the resistance zone from $47,377 to $48,999, which includes the currently established peak, and then we see resistance around $53,512.
After turning on the EMA Cross 50 and 200 indicator, you can see that despite the strong rebound that was triggered by events related to spot etf on BTC. resulted in a decline of approximately 15%, but the indicator still indicates a strong upward trend.
The RSI indicator shows a slight increase despite a slight price change on the chart, while the STOCH indicator shows a strong upward movement, which creates room for a new downward impulse that we should keep an eye on.
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.
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.