BTC/USDT 4HInterval Review Chart
Hello everyone, I invite you to review the BTC to USDT chart taking into account the four-hour interval. First, we will use blue lines to mark the local triangle in which the price is approaching the exit direction. When we turn on EMA Cross 200, we can see that the price is struggling to stay in an upward trend above EMA Cross 200.
Now let's move on to the distribution of the Fib Retracement grid, and here you can see that the price is based on the support zone from $26,879 to $26,500, when it falls below this zone there is a second support zone from $25,883 to $25,463, and then there is strong support at the price of $24,902.
Looking the other way, in a similar way we can check the resistance areas and here immediately above the price there is a strong resistance zone from $26,915 to $27,461, only when we manage to get out of it and test positively, we can see an increase to the resistance level at $28,162.
Please pay attention to the CHOP index, which indicates that there is still energy to continue the correction, the STOCH indicator is still in the upper part, which may also indicate a deepening correction, while the RSI index, despite the recovery, has room for the price to go a little lower.
Now let's move on to the distribution of the Fib Retracement grid, and here you can see that the price is based on the support zone from $26,879 to $26,500, when it falls below this zone there is a second support zone from $25,883 to $25,463, and then there is strong support at the price of $24,902.
Looking the other way, in a similar way we can check the resistance areas and here immediately above the price there is a strong resistance zone from $26,915 to $27,461, only when we manage to get out of it and test positively, we can see an increase to the resistance level at $28,162.
Please pay attention to the CHOP index, which indicates that there is still energy to continue the correction, the STOCH indicator is still in the upper part, which may also indicate a deepening correction, while the RSI index, despite the recovery, has room for the price to go a little lower.
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