Hello everyone, let's look at the BTC to USDT chart on a 4-hour timeframe. As you can see, the price is moving in a triangle marked with yellow lines, which means we are close to leaving this triangle.
Let's start with setting the support line and as you can see, first we have a strong support zone from $16560 to $16272, if the support is broken then the next support is around $15921.
Now let's move on to the resistance the price has to fight when it starts to rise, as you can see the first resistance is the $16924 to $17217 zone, if it breaks out the next resistance will be $17596.
Looking at the CHOP indicator, we see that in the 4-hour interval, the energy is heavily charged, but be careful because the MACD indicator indicates entering a local downtrend, and looking at the volume, you can see little interest and sellers' advantage.
Let's start with setting the support line and as you can see, first we have a strong support zone from $16560 to $16272, if the support is broken then the next support is around $15921.
Now let's move on to the resistance the price has to fight when it starts to rise, as you can see the first resistance is the $16924 to $17217 zone, if it breaks out the next resistance will be $17596.
Looking at the CHOP indicator, we see that in the 4-hour interval, the energy is heavily charged, but be careful because the MACD indicator indicates entering a local downtrend, and looking at the volume, you can see little interest and sellers' advantage.