BTC/USDT Short-Term 1HInterval Chart

Hello everyone, I would like to invite you to review the current situation of BTC in the USDT pair, taking into account the one-hour interval. First, we will use blue lines to mark the local channel of the upward trend in which the BTC price rebounded from the upper limit, giving rise to a local downward trend.

Now we can move on to marking support areas in case the current correction deepens. And here, first of all, it is worth marking the support zone from $36,763 to $36,305, but when we fall below this zone, we may see a drop to the support level of $34,977.

At this point, it is worth looking at EMA Cross 10 and 30, where we can see a place of confirmation, a return to the local downtrend, where the red line EMA Cross 10 crosses the green EMA Cross 30 from above.

Looking the other way, we can determine resistance locations in a similar way using the trend based fib extension tool. First, we will mark a significant resistance level at $37,797, and then we need to define a strong resistance zone from $38,131 to $38,464

Please pay attention to the CHOP index, which indicates that there is still energy to make the next move, the RSI indicator shows that we have returned to the level where the price bounced several times, changing the upward trend, but in this situation it is clear that a small price movement gave a strong rebound on the STOCH index, which may negatively affect the price.