The BTC price briefly exceeded $96,000 after an impulsive breakout of the 50 EMA on the four-hour timeframe. The unclear situation due to conflicting signals this morning received more specifics.
As a reason for the impulse - American macro data. The result - the scenario of breaking the 50 EMA on the 4-hour timeframe and testing the significant level of $95,665 was realized with one 4-hour candlestick and even one 15-minute candlestick.
Let’s recall what was in the review:
"In case of a successful attempt to break and consolidate above it (EMA) today or tomorrow - we expect growth to significant levels of $95,665 and, at most, $97,553."
After briefly stopping below $95,665, the price went higher and the current high from the rebound is $96,333. Everything happened much faster than expected. There has not yet been a retest of the EMA breakout. According to the candlestick structure on the 4-hour timeframe, there is still potential for growth until the end of the day and even, under positive circumstances, until the morning. Meanwhile, on the daily timeframe, the candlestick structure remains descending. With a potential decline, without breaks and rejections, until December 1-3.
So far, a trading range has been outlined for the coming weeks between the significant levels of $91,306 and $98,433. We will see if it is expanded, as the mentioned signal of a potential low on the 12-hour timeframe is a strong argument that at least the area of significant levels $97,553-$98,433 may be tested in the coming days. Fundamentally, as noted in the morning review, we are waiting for a test of $97,553. At least as long as the price is above the 50 EMA on the four-hour timeframe, and especially as long as it is above the significant level of $95,665. There are not many volumes between $95,665 and $97,553. As well as between $94,199 and $95,665. The price may move in impulses.
According to our indicator, the price has fulfilled the basic targets and part of the nearest additional targets on the 15-minute timeframe. Breaking the signals of a potential high. We will see if the signals of a potential high on the 30-minute timeframe will be broken. For now, the situation looks like no, and the price is going for a retest of the EMA 50 breakout on the four-hour timeframe. On the hourly timeframe, all targets have been fulfilled in this rise, including one additional. The last candlestick closed as a doji, but trend resistances remain broken.
Will the price in this newly started range go below $91,306 for a couple of weeks? We expect that it will. And the target of $87,684 still looks organic.