The BTC rate is above $47,000, and the development of P&P continues.
On January 25, we wrote that we would expect a continuation of the rebound if the daily candle closed above the volume level of $39,645. The condition was met, the candle closed at $39,960. Growth since then has been at its peak: +19%.
Then, on February 2, we wrote about the probability of the formation of PG&P on the chart, indicating the start level of development and targets. The pattern began to work out on February 8, growth from the breakdown of the neck line: +8.6%.
The dump on January 12 was absorbed - a key corrective impulse after the approval of spot Bitcoin ETFs. The price has now clearly reached the level of 0.768 on the local Fibonacci (from the high on January 11 to the low on January 23).
WHAT'S NEXT?
The impulse inherent in the pattern has not fully worked itself out. But it’s confusing that when leaving the pGiP there was no retest either on the daily timeframe or, by and large, on the nearest junior hourly timeframe. Therefore, a correction is likely. Especially considering the five (!) green daily candles.
Important supports for correction now:
- volume level $45,232,
- level 0.618 on the local Fibonacci ($44,993),
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