Daily review of BTC interval 4H

Hello everyone, let's look at the BTC to USDT chart on a 4-hour timeframe. As you can see, the price is moving below the local downtrend line.

Let's start with setting the support line and as you can see the first support that currently defended the price is $16585 at 0.718 FIB, if the support is broken then the next support is $16457 and $16080.

Now let's go from the resistance line, as you can see the first resistance is $16752, if you manage to break it, the next resistance will be $16871, $16964 and $17058.

Looking at the CHOP indicator, we can see that in the 4-hour interval, energy was used for a sudden correction, but some was left for the next move. The MACD indicates the entry into a local downtrend, while the RSI rebounded, but there is room for a deeper correction.