An explanation for the current BTC price range is provided by looking at the May chart through the prism of waves. The price has been in the fourth, correctional wave since May 21. Which often takes the shape of a triangle. What contributes to the current decline in the Volatility Index.
In total, if we focus on the waves, taking into account the reviews of recent days, the only intrigue is what form the fourth wave will take. Will the formation of the triangle continue, or will the price go beyond the loi of the candles on May 23-24, test the EMA of the 50 day TF and only then go into the fifth wave of growth to update the ATH.
We still consider the BTC ATH update scenario to be a priority. Next you will need to look at the end level of the fifth wave and revise the forecast. We still believe that the high of May-June will most likely become a high until the fall. And the price, at best, will go into the range. This scenario can only be broken by launching a bull run with “God’s candles” on a monthly timeframe. This is a hike scenario above $100,000.
