Hello everyone, I invite you to review the TOMO chart in the pair to USDT, as before on the four-hour interval. First, we will use the yellow line to identify a strong upward trend line, which, as we can see, the price has broken with a dynamic downward movement. At this point, however, it is worth adding a second line, thus defining the upward trend channel, in which, when we determine the height of the channel, we can see that the price drop is very close to the height of the channel itself.
Going further, we can move on to marking support areas when we start a larger correction. For this purpose, we will use the Fib Retracement tool, based on the recent upward movement, we can see that the price has returned to a very strong support at the level of $1.15, which is trying to maintain the price, while we still have support at the level of $0.95.
Looking the other way, we see that the price has a significant resistance zone on its upward path from $1.28 to $1.40, only later it will be able to move towards the very strong resistance at $1.73.
Please look at the CHOP index, which indicates that most of the energy has been used, the RSI indicator has rebounded from the lower limit, but it is worth being careful whether it is a false break, because the STOCH indicator shows that there is still room for the price to go lower.
Going further, we can move on to marking support areas when we start a larger correction. For this purpose, we will use the Fib Retracement tool, based on the recent upward movement, we can see that the price has returned to a very strong support at the level of $1.15, which is trying to maintain the price, while we still have support at the level of $0.95.
Looking the other way, we see that the price has a significant resistance zone on its upward path from $1.28 to $1.40, only later it will be able to move towards the very strong resistance at $1.73.
Please look at the CHOP index, which indicates that most of the energy has been used, the RSI indicator has rebounded from the lower limit, but it is worth being careful whether it is a false break, because the STOCH indicator shows that there is still room for the price to go lower.