BTC Chart Review 4HInterval

2023년 7월 31일Hello everyone, I invite you to check the current situation on BTC in pair to USDT, taking into account the interval of four hours. First of all, we will use the yellow line to mark the uptrend line above which the price stays, while locally we can mark the downtrend channel in which the price stays at the upper edge.

When we turn on EMA Cross 50 and 200, we can see that they indicate a return to the downtrend and it is worth paying attention to whether the situation of a quick break down the longs and a return to the growth zone will not repeat.

Now, in order to determine the support places, we will use the trtend based fib extension tool, thanks to which we will mark the support zone from $ 29,506 to $ 28,765, but if the price goes lower, we have support at $ 28,008, and then strong support at $ 26,952.

Looking the other way, we can determine the places of resistance in a similar way. First, we will mark the resistance zone from $30,509 to $31,541, when we manage to break it, we can mark further resistance areas and here we have resistance at $32,367, then at $33,216, and another very strong resistance at $34,419.

Please pay attention to the CHOP index which indicates that there is still enough energy to make a move, the RSI is near the middle of the range, but we still haven't seen the lower limit touched, which may affect the price correction, moreover, we are approaching the upper limit on the STOCH indicator, which also can give you a price adjustment.