BTC buyers were able to break through the pool of local resistance that we wrote about yesterday. Let's remember this:
- volume level $57,709,
- Fibonacci level 0.236, rate $57,939,
- global upward trend from October 2023 (indicated by a dotted line, currently $58,108),
- downward trend since June 7 (currently also $58,108),
- EMA 200 daily TF (currently $58,213).
As a result of the breakdown, the price of#BTCcame almost clearly to the next volume level, $59,335. At the moment it reached $59,476.
![](https://public.bnbstatic.com/image/pgc/202407/d1f4bda199bf7cfa6761f06feda2afba.png)
The key thing now is that the EMA 200 of the daily TF has been broken (at the same time, the EMA 50 of the four-hour TF has been broken). As long as the price remains above this moving average, if bullish signals remain, it tends to test the EMA of the 50 day TF. And this is now 62,963.
![](https://public.bnbstatic.com/image/pgc/202407/4401703996f99b868b25f756686ca061.png)
Let us recall the quote from yesterday’s review on the resistance pool breakdown scenario:
“A dense zone, the reaction of buyers and sellers from which is important for the market. In case of a breakdown, we will reassess the expected movement - either it will be a rebound with a maximum target of $62,987, or a reversal with a target of a new ATH.”
Let us only add that with yesterday’s and today’s growth, the descending structure of the daily candles changed to an ascending one. If the structure is maintained, growth can continue until July 16-17. And the goal of the bulls, while maintaining the structure, is to break above $62,987 during this time. Then we can say that growth is a reversal, not a rebound.
The MACD on the daily TF again hints at the chances of a bullish signal (but there is no crossing of the signal line yet and even in this case you need to wait until the daily candle closes). But the RSI on the daily TF shows a breakdown of the downward trend since June 5. And although the indicator indicator is still 41, and not 50 or higher, this is an important signal. But you also need to wait until the day closes. And ideally, a retest of the breakdown.
![](https://public.bnbstatic.com/image/pgc/202407/97b04e4eaaa8f8d112d879175694eb29.png)
Locally, a “Double Bottom” has been formed on the chart since the beginning of July, which can be seen on the four-hour and lower TFs.
![](https://public.bnbstatic.com/image/pgc/202407/a77947b5d6c562b3f17f1ad4e5af33b7.png)
The neck level in the area of $58,467 is broken by today's growth, and the target of the pattern is the volume level of $61,231. Next to tested today. Where is the EMA 200 of the four-hour TF approaching? On the same TF, the last two candles are reversal, indicating a risk of decline. If the signal is not broken, of which there is still a chance.
It is important for bulls to close today's daily candle above the EMA 200 of the daily TF.
A close below and with a bearish shadow on top will most likely be a signal that the breakout was false. And this will return to waiting for the local level to be updated and a move to the volume level of $51,604.