The BTC price is fulfilling the forecast of local growth that we provided yesterday. Let’s recall a couple of excerpts:
… From this support (EMA 50 on the four-hour time frame, - ed.) we expect local growth today and a break of the downward trend from yesterday's high…
… The maximum target for the anticipated growth from the EMA is still considered to be the volume level of $97,553. But it’s important to watch how the price behaves at local trend resistances. There are two on the way to the maximum target…
So far, both trend lines have been broken and the target of $97,553 is much closer now.
If it weren't for the combo of potential high signals on the daily, two-day, and weekly time frames - we would even consider yesterday's and today's rise as a break of the downward trend. At least, the EMA 50 on the four-hour time frame has been successfully tested with two touches, and today the asset has a chance to break the downward candle structure on the daily time frame. PLUS, according to our indicator, #BTC looks strong on hourly time frames - back in stable uptrends on hourly, two-hour, and even four-hour time frames. Moreover, on the four-hour time frame, the indicator performed 'excellently' - without breaking the Potential break, the price reached all three correction targets, went lower, and showed a clear turnaround from the potential low signals.
All three hourly time frames are currently in an uptrend with additional targets of $100,000 and above. Meanwhile, trend resistances from October 25 (dotted line) and November 12 have been broken.
The combo of signals from higher time frames is very strong. Let’s repeat what we have already written - this can only be broken by a 'candle of God' on large volumes. We wouldn’t rush to say that the correction/range is over. As we wrote yesterday, the only thing that can prematurely exit the range scenario for us now is a solid closing of the daily candle above the volume level of $98,433. Overall, $97,553-$98,433 is a range of large volumes, an important resistance.
$BTC