BTC 1DInterval Chart

Hello everyone, I invite you to check the current situation on BTC in the USDT pair, taking into account the one-day interval. First, we will use blue lines to mark the local upward trend channel in which the BTC price moves at the upper limit of the channel. Then, using the yellow lines, it is worth defining the local channel, the exit from which can result in an increase of around $41,000.

Let's start by checking where the price should have support and here the significant level is 0.382FIb at the price of $36,030, and then there is a strong resistance zone from the level of $33,084 to the level of $31,521, if the price dropped to around this zone it would be a healthy recovery in line with with cyclicity.

In this situation, we will move on to checking the current place of resistance and here, after unfolding the Trend based fib extension grid, we have a visible strong resistance at the level of $44,411, but here we will unfold the grid again, thanks to which we can see that the place of previously determined resistance is in the strong resistance zone from $41,668 to $45,427, which the price may reach before the desired correction begins. However, it must first exit the current channel and overcome the resistance at $40,312.

Please pay attention to the CHOP index, which indicates that we have a lot of energy to make the next move, the RSI indicator shows that we have returned to the middle of the range, which makes it difficult to indicate the price direction, while the STOCH indicator shows that we are moving at the upper limit of the range, which may potentially result in a price recovery.