Hello everyone, I invite you to check the current situation on BTC in pair to USD. First, we will mark the downtrend line, which, as you can see, the price has broken and gone up.
Further, we can see that a formation called the Rounding Bottom has formed, which most often causes the price to rise further. We will mark what the further movement of btc should look like so that the price can go further up, but when the price drops below the resistance level and then bounces back from it, it will be an impulse for declines.
Now we will use the fib retracemnet tool to check the places of support in a situation where the level cannot be maintained. Again, we can see a strong support zone from $16,912 to $16,516, but when the price breaks below this zone, we can see a drop to around $16,088, and then we have support at $15,439, where the last low is.
However, let's assume that the BTC price will follow the current formation and further increases will begin, in this situation we first need to break the resistance zone from $ 17,610 to $ 17,954, then the resistance at $ 18,390, then we will open the way towards the resistance on level of $19,699.
Please look at the volume, which indicates a definite predominance of buyers, but it should be noted that each day the volume weakens, which may indicate an upcoming rebound.
In addition, the CHOP index shows exhausted energy, the MACD confirms the ongoing uptrend, while the RSI indicator moves in the upper range, which, like the volume, may indicate a local sideways trend or a small rebound.
Further, we can see that a formation called the Rounding Bottom has formed, which most often causes the price to rise further. We will mark what the further movement of btc should look like so that the price can go further up, but when the price drops below the resistance level and then bounces back from it, it will be an impulse for declines.
Now we will use the fib retracemnet tool to check the places of support in a situation where the level cannot be maintained. Again, we can see a strong support zone from $16,912 to $16,516, but when the price breaks below this zone, we can see a drop to around $16,088, and then we have support at $15,439, where the last low is.
However, let's assume that the BTC price will follow the current formation and further increases will begin, in this situation we first need to break the resistance zone from $ 17,610 to $ 17,954, then the resistance at $ 18,390, then we will open the way towards the resistance on level of $19,699.
Please look at the volume, which indicates a definite predominance of buyers, but it should be noted that each day the volume weakens, which may indicate an upcoming rebound.
In addition, the CHOP index shows exhausted energy, the MACD confirms the ongoing uptrend, while the RSI indicator moves in the upper range, which, like the volume, may indicate a local sideways trend or a small rebound.