Daily BTC 1DChart - resistance and support

12 มิ.ย. 2023Hello 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 use the blue lines to mark the downtrend channel in which the BTC price is moving. Further, we can see that the price bounces in a place just before the EMA Cross 200 line, which indicates the continuation of the long-term uptrend.

Now we can move on to marking support areas in case of deepening correction. And here we first have support at $24868, but when the price goes lower we have very strong support at $24049, then third support at $23361 and fourth support at $22672.

Looking the other way, in a similar way, using the trend based fib extension tool, we can determine the places of resistance. And here the first significant resistance will appear at the price of $28069, then the second resistance at the price of $29725, the third resistance at the price of $31102, only when the price breaks it will move towards the resistance at $32441.

Please pay attention to the CHOP index which indicates that we have a lot of energy for the next price movements, the MACD indicator indicates a downward trend, while the RSI shows a visible rebound, but there is still room for the price to go down to lower levels in the coming days.