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 the support line and as you can see the first support in the near future is $16977, if the support is broken then the next support is $16840, $16652 and $16418.
Now let's move on to the resistance line, as you can see we first have resistance at $17245 which was already strong price resistance before but if we manage to break it the next resistance will be $17468, $17647 and $17823.
Looking at the CHOP indicator, we see that in the 4-hour interval we see that most of the energy is exhausted, the MACD confirms the local downtrend, while on the RSI we are quite low, we can expect a local sideways trend.
Let's start with the support line and as you can see the first support in the near future is $16977, if the support is broken then the next support is $16840, $16652 and $16418.
Now let's move on to the resistance line, as you can see we first have resistance at $17245 which was already strong price resistance before but if we manage to break it the next resistance will be $17468, $17647 and $17823.
Looking at the CHOP indicator, we see that in the 4-hour interval we see that most of the energy is exhausted, the MACD confirms the local downtrend, while on the RSI we are quite low, we can expect a local sideways trend.