BTC drops, what next?
Hello everyone, I invite you to check the current situation on BTC in pair to USDT, taking into account the one-day interval. First, we will mark the main uptrend line with the yellow line, then we will mark the uptrend line with the blue line from which the price went down.
Now we can move on to marking the places of support in the event of a correction. And here we will start by checking the support using the trend based fib extension tool, we will mark a strong support zone from $25537 to $23992, if this zone does not hold the price we can see a rapid drop to around $21621. It is also worth spreading the Fibonacci grid in order to check the entire movement and here we can see that the price drop touched the so-called golden fibonacci point from which it quickly rebounded. We can further increase the level of the next support from $22,232 to $21,621.
Looking the other way, we will determine the places of resistance in a similar way. Here you can immediately see that the price rebound stopped at the $26974 resistance, and then we have a very strong resistance zone from $28663 to $31430, only when the price breaks it will it be able to move towards the $35849 resistance.
Despite the strong drop in price when we turn on the EMA Cross 50 and 200, we can see that the yellow line of the ema cross 50 stays above the blue line of the ema cross 200, which indicates an uptrend, it is worth watching these lines at this point because when the yellow crosses the blue line from above, it means that it is a return to a very strong downward trend.
Please pay attention to the CHOP index which indicates that the energy in the current movement has been used, on the RSI indicator we have also crossed the lower limit of the range which also indicates no energy depletion, and the STOCH trak indicator itself has exceeded the lower limit which confirms the depletion of energy and the possibility of ending the current correction prices.
Now we can move on to marking the places of support in the event of a correction. And here we will start by checking the support using the trend based fib extension tool, we will mark a strong support zone from $25537 to $23992, if this zone does not hold the price we can see a rapid drop to around $21621. It is also worth spreading the Fibonacci grid in order to check the entire movement and here we can see that the price drop touched the so-called golden fibonacci point from which it quickly rebounded. We can further increase the level of the next support from $22,232 to $21,621.
Looking the other way, we will determine the places of resistance in a similar way. Here you can immediately see that the price rebound stopped at the $26974 resistance, and then we have a very strong resistance zone from $28663 to $31430, only when the price breaks it will it be able to move towards the $35849 resistance.
Despite the strong drop in price when we turn on the EMA Cross 50 and 200, we can see that the yellow line of the ema cross 50 stays above the blue line of the ema cross 200, which indicates an uptrend, it is worth watching these lines at this point because when the yellow crosses the blue line from above, it means that it is a return to a very strong downward trend.
Please pay attention to the CHOP index which indicates that the energy in the current movement has been used, on the RSI indicator we have also crossed the lower limit of the range which also indicates no energy depletion, and the STOCH trak indicator itself has exceeded the lower limit which confirms the depletion of energy and the possibility of ending the current correction prices.
Haftungsausschluss
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