Based on the 4-hour BTCUSDT chart shown, here is the technical analysis:
1. Resistance and Support:
Major resistance is seen around 104,563.5 USDT (Fibonacci level 0).
Strong support is in the area of 94,272.0 USDT (Fibonacci level 0.786) and 93,413.4 USDT (lower zone).
2. Fibonacci Retracement:
The price is currently moving between levels 0.5 (97,866 USDT) and 0 (104,563.5 USDT).
If the price is able to break through the resistance at 104,563.5 USDT, the potential to reach the level of 108,182.7 USDT (Fibonacci extension -0.27) is very open.
3. EMA (Exponential Moving Average):
There are two EMA lines (yellow and white):
EMA 50 (yellow line): Provides dynamic support around 97,000 - 98,000 USDT.
EMA 200 (white line): Located lower around 94,000 USDT, indicating the bullish trend is still maintained as long as the price remains above the EMA 200.
4. Relative Strength Index (RSI):
The RSI value is around 61.02, approaching the overbought area.
This indicates bullish momentum, but it is necessary to be aware of the potential for a short-term correction if the RSI continues to rise towards overbought (70).
5. Main Trend:
The current trend is still bullish overall, supported by a price increase above the EMA 50 and EMA 200.
Consolidation is seen around the level of 101,000 - 104,000 USDT.
Conclusion:
If BTCUSDT manages to break through 104,563.5 USDT, there is potential to go to 108,182.7 USDT (Fibonacci extension target).
However, if there is a rejection at the resistance, the price has the potential to retest to the 97,849.6 USDT area or even strong support at 94,272.0 USDT.
Pay attention to the RSI movement and volume as confirmation.
