Yesterday, the BTC price fell below the trend support of the entire growth since November 5, but today it is trying to recover above.
For the continuation of growth, it is important for the price to recover above the volume level of $93,389. This is the only resistance based on volume levels.
As long as the price is above the volume level of $90,661 and the psychological level of $90,000, we will consider the chances of a new ATH this week to be high.
The correction over the weekend occurred in the form of a descending expanding wedge - a pattern that performs well even in less bullish circumstances. During the night, the price broke out of the pattern upwards, simultaneously closing the gap that formed on CME at $90,310-$92,000.
Unfortunately, this time we will write everything based on the facts. We didn't have enough time for analysis over the weekend. We are preparing the release of innovations that we managed to implement for the indicator and the channels with its signals over the weekend.
This week, we expect in the worst case a range, and in the best - growth for #BTC. We do not expect significant corrections for now.
This week, let's remember, is the third and final week of a potential peak, one of which was a strong signal from our indicator. Usually, after such events, a range is to be expected, which has been mentioned multiple times in the last review.
The range is essentially already happening. But not the one we expect. More local. Since November 13, in the range of $87,684-$92,389. A breakout in one direction will determine the further movement. For now, we are betting that this is a local respite before another ATH, so we expect a breakout upwards. On the daily timeframe, signals for a potential peak can be considered broken.
Therefore, the priority for the week is growth. But again - it is important to break through $92,389. By the way, on CME, the price is trading higher, and institutions are showing interest in purchases.
The range in the $85,000-$90,000 ($93,000) range that we expected is being postponed while buyers hold the psychological $90,000. But the forecast for the range remains valid, and only a 'God candle' can break the strong signal on the weekly timeframe. That is, the start of a clear bull run with growth above $100,000 and even $109,000 (the 1.618 level of Fibonacci in the current cycle). For now, according to our indicator on the hourly timeframe, where the price has returned to a stable uptrend, the maximum additional targets are lower - around $96,500.
