The BTC rate is "stuck" in a range between the volume levels of $57,709 and $61,231, but the priority for the week is growth. With confirmation of a reversal on August 20-21. This is a brief assessment and expectations.
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There were minor squeezes below $57,709 in the range of $57,709-$61,231. And this is typical for a situation with a lack of liquidity for growth. But the level of $61,231 has already shown its significance for the growth scenario many times since August 9. On the hourly TFs, you can see how often it acted as resistance. Its breakout now would be a significant signal for the market. Moreover, next to it is the 0.5 Fibonacci level of the entire decline from March 14 to August 5 (rate $61,388). And EMA 50 of the daily TF. This is a marker resistance pool.
![](https://public.bnbstatic.com/image/pgc/202408/d25349b5321790dc409115a97668d6d5.png)
The local fifth wave of growth is still expected. The minimum target in it is $62,745, then we will have to look at the dynamics. At the same time, let us recall that the idea with the local five-wave structure is relevant until the price goes below $55,600. It is not worth talking about breaking the scenario and canceling growth expectations until then.
![](https://public.bnbstatic.com/image/pgc/202408/76194a109bbcf0df54196038d3344a72.png)
While the price continues to move in the local fourth wave. And we expect that this range will end soon. Today there is a possibility of an early breakdown of the descending structure of candles from August 8. The situation with the correction may still drag on until August 20-21, as we wrote. Especially if today there is a close below the level of 0.382 according to Fibonacci (rate $ 58,464). Then on August 20-21 a local climax of sales is possible and then - an ascending structure. In case of a decline, it is optimal for the daily TF to hold the level of $ 56,361.
The "trigger" for growth now is a breakout of the volume level of $59,335, on which the EMA 200 of the daily TF also lies. An impulse may follow. And, immediately according to the alternative scenario - if there is no consolidation above this time - the low of August 15, $56,078, will most likely be updated. But this is not a priority expectation, at least while the price is above $57,709 - for sure. Another marker support is slightly lower, at $56,809. There is an ascending one from August 7 there now.
Although the weekend growth was absorbed, the situation does not look bad. This absorption was predictable and on Friday we wrote that sellers were holding the initiative for now. Now, according to our assessment, the selling pressure is exhausting itself.