BTC/USDT 1H Interval Review Chart
Hello everyone, I invite you to every Wednesday cryptocurrency review. Let's start by checking the current situation on the BTC to USDT pair, taking into account the time interval of one hour. First of all, we will use the yellow line to mark the local downtrend line from which the price went down.
We will use the Trend Based Fib Extension tool to mark the current support locations, and now we see that the price has dropped to the $29,561 support and is holding just below it, then we can mark the support zone from $29,397 to $29,165, and then strong support at $28870.
Looking the other way, we can determine the places of resistance in a similar way. First, we will mark the resistance zone from $29813 to $30039, when it manages to break it, the price has to break through the resistance at $30229 that it failed to do before, and then the resistance at $30411.
Please pay attention to the CHOP index which indicates that most of the energy has been used, the RSI indicator confirms a strong rebound but indicates that there is still room for the price to go lower in the coming hours, however the STOCH indicator confirms the use of energy in the current movement which may give a temporary stop in the current correction.
We will use the Trend Based Fib Extension tool to mark the current support locations, and now we see that the price has dropped to the $29,561 support and is holding just below it, then we can mark the support zone from $29,397 to $29,165, and then strong support at $28870.
Looking the other way, we can determine the places of resistance in a similar way. First, we will mark the resistance zone from $29813 to $30039, when it manages to break it, the price has to break through the resistance at $30229 that it failed to do before, and then the resistance at $30411.
Please pay attention to the CHOP index which indicates that most of the energy has been used, the RSI indicator confirms a strong rebound but indicates that there is still room for the price to go lower in the coming hours, however the STOCH indicator confirms the use of energy in the current movement which may give a temporary stop in the current correction.
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