The BTC rate again did not break through the EMA of the 50 day TF, but there was almost no time left for a range. Volatility will increase every day in the next 10-11 days. And now locally the priority is to continue the decline.
This is a summary of our expectations. Below 👇 is a complete analysis and justification.
In yesterday's review, we wrote that the EMA 50 day TF (currently $63,358) is the key resistance separating scenarios of growth above $74,000 and correction below $56,000. And what if the daily candle on May 13 fails to gain a foothold above this moving average? You should wait for a move to the volume levels of $61,231 and $59,335. Thus creating a bear trap. We place special emphasis on this. Downward movement is not a priority. But it forms a trap for short sellers and helps to accumulate liquidity at the top in preparation for the strong movement that we are waiting for.
Having received a rebound yesterday from the EMA of the 50 day TF and the volume level of $62,987 (as well as the downward trend since April 8), the price began to work out the forecast and immediately dropped to $61,405. The first correction goal has almost been achieved. But the correction is not complete.
As part of this decline, the remainder of the gap on the BTC futures chart on the Chicago Mercantile Exchange of $60,830-$61,045, which we pointed out yesterday, has not yet been closed. This, taking into account the local downward trend (on the four-hour and lower time frames) is an argument to continue the correction and the formation of a bearish trap. Although not the main one.
We predict that the price of#BTCwill continue to decline until tomorrow morning. AT THIS TIME, we remind you that the BTC Price Volatility Index is beginning to reverse upward from today. The index begins to grow. This means that movements will become more and more sharp every day this week; a “cut” in two directions is possible in an expanding range. Starting range - $59,335-$62,987.
Expectations of growth through a bear trap, as already written, will force us to reconsider only the body fixing the daily candle below the volume level of $59,335.
