The BTC rate tested $65,000, and the Volatility Index confirmed an upward reversal.
It's time to remember this quote from a review on May 9, six days ago:
“... On the daily TF for May 6-9, there is a downward candle structure and the likelihood of a further decline in BTC by impulse or in the range for another 4-6 days, excluding the current one. Taking into account the situation on the Volatility Index, it is rather a range.
From approximately May 13-15, you can expect an upward reversal in both the BTC price and its Volatility Index. IF the structure of candles on the daily TF remains the same"
May 15th arrived and increased volatility came, and with it an increase in the price of BTC. This time, the analysis of daily candles for BTC worked with the precision of a pharmacy 👌
As before, it is very important to consolidate above the EMA of the 50 day TF. And preferably at a volume level of $64,120. If consolidation fails in the coming days, the growth structure emerging on the daily timeframe may be broken. Leaving under these supports is a possibility of forming a bull trap. Moreover, taking into account the reversal formation on the BTC Price Volatility Index, this would be a very painful trap.
BUT this is not a priority scenario for us, we are waiting for growth.
If the growth structure on the daily TF of the BTC price chart continues and the price remains above the indicated supports, BTC can wait a maximum of another 6-7 days (until May 21-22) for rapid growth. Why stormy? Again due to the reversal of the BTC Price Volatility Index.
The volatility index suggests that there will be many liquidations in the coming week under any circumstances. But we still expect maximum pain for the bears.
This time the index will most likely go to update the local high. That is, it will go above 12.46. But for now this is a subjective expectation, without analysis.
