For lovers of harmonic patterns, “The Bat” promises the BTC price a reversal from $48,000. An opinion now being discussed in X by proponents of such an analysis.
Let us add on our own without harmonic patterns - if the daily candle today closes at least above the volume level of $55,059 - there will be a chance of a reversal from the current ones. If it is lower, the priority is to break out the downward trend since March 5 and go to the following volume levels above the psychological $50,000: $51,604, $50,312.
Overall, this decline cannot now be considered complete until the price consolidates above the volume level of $62,987. It passes around the 0.5 Fibonacci level (dragged to the new current level of decline from the high on June 7). The EMA of the 50 day TF will also reach approximately these levels in the coming days (it has now reached the volume level of $64,121).
Currently the price is below even the EMA 200 of the daily TF (currently $58,222). While the price is below the EMA 200 of the daily TF, it is definitely going to the EMA of the 50 weekly TF (currently $51,215). Even if through bounces.
EMA 200 daily TF - marker resistance for bulls now to get at least a chance of a reversal.
BUT THE KEY IS - despite today's fall that was not what we expected - BTC is still in the global fourth wave of this cycle. It has been long (since March of this year), it is difficult to predict (at least for us) in local movements, it has unpleasant “surprises”. But this is still the fourth wave. And convincing signals for a reversal on the daily and weekly TF will mean for us the start of growth to a new ATH.
