BTC before a major correction?
Hello everyone, I invite you to update the situation on BTC in the USDT pair, taking into account the one-day interval. We will start today's review by defining the trend line and here we can use the white line to determine the main upward trend, then we will mark the second upward trend line in the same way and locally the third one on which the price is currently based during the recovery.
Now we can unfold the Fib Retracement grid and identify a very important resistance zone from $41,283 to $48,336, where the price is struggling to stay in the local uptrend and before the start of the long-awaited larger correction.
However, if the current decline turns out to be the beginning of the long-awaited strong correction, in this situation we see that the local support that has held the price at the moment is the level of $39,982, while further we can go down to the level of $37,077 and then to the vicinity of the second line of the upward trend to the support zone from level $32,399 to $29,032.
Additionally, the currently expected correction should be close to the level of approximately thirty percent. WHAT coincides with our support zone.
When we look at the CHOP indicator, we can see that the energy has been used for the decline and we are currently experiencing a slight rebound, the RSI shows a rebound, but we are still high, just like the STOCH indicator, there is still room for the price to go lower.
Now we can unfold the Fib Retracement grid and identify a very important resistance zone from $41,283 to $48,336, where the price is struggling to stay in the local uptrend and before the start of the long-awaited larger correction.
However, if the current decline turns out to be the beginning of the long-awaited strong correction, in this situation we see that the local support that has held the price at the moment is the level of $39,982, while further we can go down to the level of $37,077 and then to the vicinity of the second line of the upward trend to the support zone from level $32,399 to $29,032.
Additionally, the currently expected correction should be close to the level of approximately thirty percent. WHAT coincides with our support zone.
When we look at the CHOP indicator, we can see that the energy has been used for the decline and we are currently experiencing a slight rebound, the RSI shows a rebound, but we are still high, just like the STOCH indicator, there is still room for the price to go lower.
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