Hello everyone, I invite you to review the chart of MKR in pair to USDT, on the four-hour interval. As we can see, the price has left the bottom of the uptrend line.
After unfolding the trend based fib extension grid, we can see that the price is currently holding a small support zone from $ 1117 to $ 1086, while we still have support at $ 959, however, when we fall below this support, we can see a quick move to the support area at the price $704.
Looking the other way, we see that first there will be a resistance zone from $1192 to $1256, then we have a second zone from $1321 to $1414, and then a very strong resistance at $1531.
Please look at the CHOP index, which indicates that the energy in the current downward movement has been used, on the RSI we are moving at the lower limit of the range, but on the STOCH indicator you can see that a large movement on the indicator results in a small price movement, which may translate into deeper declines.
After unfolding the trend based fib extension grid, we can see that the price is currently holding a small support zone from $ 1117 to $ 1086, while we still have support at $ 959, however, when we fall below this support, we can see a quick move to the support area at the price $704.
Looking the other way, we see that first there will be a resistance zone from $1192 to $1256, then we have a second zone from $1321 to $1414, and then a very strong resistance at $1531.
Please look at the CHOP index, which indicates that the energy in the current downward movement has been used, on the RSI we are moving at the lower limit of the range, but on the STOCH indicator you can see that a large movement on the indicator results in a small price movement, which may translate into deeper declines.