Review BTCUSDT on 1D IntervalHello, I invite you to review the BTCUSDT chart on a one-day interval. First of all, it is worth marking the sideways trend channel in which the price has been moving for more than a month with white lines, while locally we can mark the downtrend channel with yellow lines.
Now, using the Fib Retracement tool, let's check what resistances should be taken into account, as we see the first support is at 0.618 Fib, which is equal to $ 16593, but if the price goes lower, we have another support at $ 16,102 and $ 15,490. In a situation where these three important resistances fail, we can see a drop to around $13,691.
Moving on, let's check the resistance areas for the price and here we can see that we already had an attempt to break the previous high, which we minimally managed to do, but the price quickly moved back to the previously mentioned support at 0.618 FIB. But let's go back to the resistance areas and we see that we have the first resistance at $16857, then we have a resistance zone from $17185 to $17631, when it is broken, the price will try to attack the top and exit the channel, which may open the way to around 19916 $.
Let's look at how the moving averages are arranged. the white and blue lines are very close to the red one. When white crosses blue from below and then red, you should observe whether further blue crosses red from below, which may indicate a larger uptrend. However, only when these three averages cross the yellow one, we can observe a bullish uptrend.
Further, we can see on the CHOP index that the energy has weakened and confirms the local sideways trend, MACD shows a downward trend, but much weaker than previous weeks, on the RSI we see a rebound and space for another upward move.
