The BTC price is unable to hold above the significant level of $97,800.
On the hourly and even 30-minute timeframes, it's evident that this level has been acting as resistance since December 21 during the recovery from the low on December 20.
Since December 24, the price has tested the breakthrough of this level several times, getting trapped in the range of $97,553-$99,481. Last night, with a squeeze reaching $99,963, it went into correction and has already reached the low of $95,199. It broke through the important EMA 50 and 200 on the 4-hour and 12-hour timeframes.
Currently, the impulsive pattern "Bart Simpson" is playing out, albeit with conditions, as we wrote about yesterday. The execution began only after our indicator showed that the price transitioned into a stable uptrend on the 4-hour timeframe. We were expecting these to be mutually exclusive events. Players are being "marinated" in the range.
Historically, transitions into a stable uptrend on the 4-hour timeframe for BTC are rarely broken. We're showing the chart from the end of October. Out of 8 signals, all basic targets were not achieved only once (highlighted).
And this was the signal for a stable downtrend on December 10. Only the first basic target was achieved there, followed by a reversal. There was a consolidation above Potential Break, and on the next candle, a return to a stable uptrend.
However, breaks of bearish setups in a bullish market are not super anomalies. Now, if the price closes below $95,267 on the 4-hour timeframe, it poses a threat to the bullish setup. This is not normal for a bullish market. And there's a risk of breaking out of the range downwards. As long as there is no close below $95,267, the targets for a stable uptrend remain valid.
The ranges of the volume levels right now are:
- small range: $95,665-$99,481,
- large range: $92,226-$99,481.
Today, the price transitioned into a stable downtrend for #BTC on the 30-minute, hourly, and 2-hour timeframes. By the way, on these timeframes, all basic growth targets before the correction were executed.
The transition into a stable downtrend on the 2-hour timeframe opened the way to the lower boundary of the range, particularly around $93,775.
There are still two hours until the next 4-hour candle closes, and this is crucial. If the bull does not show strength during this interval, a break of the uptrend on this timeframe will occur, opening the way to targets below $92,226.
To assist the chances for a reversal in the next two hours, there is currently a Strong signal of a potential low on the hourly timeframe. The just-opened candle is the third of three with markings. At the very least, a local bounce in the coming hours is expected. We'll make conclusions about the prospects based on its strength.
