BTC/USDT 4H - Will BTC start a bigger correction?
Hello everyone, let's take a look at the BTC to USDT chart on a 4-hour time frame. As you can see, the price is moving above the local uptrend line.
When we unfold the Fib Retracement grid, we will see a support zone from $38,625 to $37,822, while we still have strong support at $35,614.
However, before we start the above-mentioned correction, we can see that the price is above the last resistance and the next strong resistance is at $41,041.
Looking at the CHOP indicator, we see that most of the energy has been used, on the RSI indicator, similarly to the STOCH indicator, we are moving at the upper limit, which should translate into a stronger recovery in the coming days.
When we unfold the Fib Retracement grid, we will see a support zone from $38,625 to $37,822, while we still have strong support at $35,614.
However, before we start the above-mentioned correction, we can see that the price is above the last resistance and the next strong resistance is at $41,041.
Looking at the CHOP indicator, we see that most of the energy has been used, on the RSI indicator, similarly to the STOCH indicator, we are moving at the upper limit, which should translate into a stronger recovery in the coming days.
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