BTC on its way to $40,000 or $31,000?
Hello everyone, let's take a look at the BTC to USDT chart on a 4-hour time frame. As you can see, the price is moving above the local uptrend line.
After unfolding the trend based fib extension grid, we can see that the important support is the zone from $31,060 to $29,888, to which we can probably see a price reversal in the event of a correction, and then we have support at $28,406.
Looking the other way, we can see that the price is fighting a very strong resistance zone from $33,267 to $35,698, only when it comes out on top and tests positively will we be able to see a path towards $40,000.
Please look at the STOCH indicator, which shows that the energy is moving above the upper limit, which may also result in a price recovery.
After unfolding the trend based fib extension grid, we can see that the important support is the zone from $31,060 to $29,888, to which we can probably see a price reversal in the event of a correction, and then we have support at $28,406.
Looking the other way, we can see that the price is fighting a very strong resistance zone from $33,267 to $35,698, only when it comes out on top and tests positively will we be able to see a path towards $40,000.
Please look at the STOCH indicator, which shows that the energy is moving above the upper limit, which may also result in a price recovery.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.