BTC 1D Chart Review

Hello everyone, welcome to the BTC/USDT 1D chart review. At the beginning, we can mark with blue lines a downtrend channel in which the BTC price has been moving for a long time. In addition, it is worth determining the main trend line using the white line, valid from the previous ATH.

Now let's look at what support to consider should we experience a further price correction that is likely, and here we can see that we first have a support zone of $16,593 to $16,095 where the price is currently located, if the zone will be broken, the next support is at $15488, which is the last low, then we can see a drop to around $13,690, at the 1,618 Fib Retracement.

Looking the other way, we have the first significant resistance at $17,777, which the price has already tried to overcome twice, only going above the first resistance and testing it positively will move towards the first zone from $19,198 to $21,512, and then to the second very important zone from $23,120 to $25,251.

Please pay attention to the CHOP index, which indicates that we have less and less energy, which can give a respite and a local sideways trend, the MACD indicator indicates that we have entered a downtrend, while the RSI is slightly below the middle of the range, which may give an even bigger correction .