Now let’s move on to checking the current situation on the BTC to USDT pair, taking into account the longer perspective on the one-day timeframe. First, we will use the blue lines to mark the sideways trend channel from which the price has gone up. It is also worth marking with a yellow line the downtrend line that has been overcome.
Now we can move on to marking the places of support in the event of a correction. And here we see that the first support is at $25745, below we have a return to the channel where it is worth marking the support zone from $23718 to $22191, however, when we fall below this zone, we can see a drop to around $20601.
Looking the other way, in a similar way using the Fib Retracement tool, we can determine the places of resistance. And here we immediately see that the price is against a very important resistance at 0.786 Fib at $28832, while the next equally strong resistance is at $32474.
At this point, it is worth looking at the EMA Cross 10 and 20, which nicely indicated the place of return to the uptrend, and what’s more, when we turn on the EMA Cross 50 and 200, we see that they also indicate a return to the uptrend after a prolonged downtrend.
Please pay attention to the CHOP index which indicates that the energy has been exhausted which can give a local sideways trend, the MACD indicator indicates an uptrend, while the RSI is at the upper limit of the range, the price may go higher but it is worth keeping in mind the upcoming rebound as after each increase.