BTC/USDT 1HInterval Chart Review

Hello everyone, I invite you to check the current situation on BTC in the USDT pair, taking into account the one-hour interval. First, we will use blue lines to mark the downward trend channel where the price remains. However, inside the channel, the yellow line will indicate the local upward trend line from which the price broke down, moving in the local downward trend channel. Let us notice that in the channel we have three reflections from the upper boundary and two from the lower one, which may potentially translate into a further downward movement and a breakout from the channel at the bottom.

Now we can move on to marking support areas in the event of a correction. And here, first of all, it is worth marking support at the golden FIB point, at $40,734, and then we will define the support zone from $39,974 to $39,015.

Looking the other way, we can determine resistance locations in a similar way using the trend based fib extension tool. First, we will mark the resistance level at $41,816, from which the price has currently bounced, then we have visible resistance at the price of $42,553, and then the resistance zone which is decreasing more and more from $43,125 to $43,826.

Please pay attention to the RSI indicator because you can see a rebound and return to the middle of the range to the place where it previously caused a new decline, while if we look lower at the STOCH indicator, we will see a dynamic movement of energy, which again created room for the price to be pulled down.