Hello everyone, let's look at the BTC to USDT chart on the four 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 on which the price is currently based is $16663 equal to 0.78 Fib, if the support is broken then the next support is $16419 and $15742.
Now let's move to the resistance line, as you can see the first resistance is $16881, if you manage to break it, the next resistance will be $17107, $17281 and $17462.
Looking at the CHOP indicator, we see that in the four-hour interval, the energy starts to bounce back from the bottom very slowly, the MACD confirms the downtrend, while the RSI is also at the bottom. The indicators presented may indicate a respite.
Let's start with the support line and as you can see the first support on which the price is currently based is $16663 equal to 0.78 Fib, if the support is broken then the next support is $16419 and $15742.
Now let's move to the resistance line, as you can see the first resistance is $16881, if you manage to break it, the next resistance will be $17107, $17281 and $17462.
Looking at the CHOP indicator, we see that in the four-hour interval, the energy starts to bounce back from the bottom very slowly, the MACD confirms the downtrend, while the RSI is also at the bottom. The indicators presented may indicate a respite.