The BTC rate yesterday again rewrote the local high, albeit slightly - from $67,386 to $67,598. The price has come close to the downward trend since ATH on March 14 (currently $67,972). Which has repeatedly acted as strong resistance. And in general, it is the most important trend, determining the start of the fifth wave from the fourth correctional wave, which has already lasted 129 (!) days, “cutting” deposits in both directions. Annoying and confusing traders.
![](https://public.bnbstatic.com/image/pgc/202407/a85f208c6d6ba8e34dfe48041c84940f.png)
The price cannot reach this trend line yet; the daily time frame shows that the volume and mirror level of $67,088 acts as resistance. The previous two days the daily candle closed under it. And today, for now, it also remains under it.
Yesterday's growth for us - go beyond the candle with a reversal signal. An overshoot that we did not expect (we are again adjusting the chart based on the high of the fifth wave), but which does not cancel the correction picture.
![](https://public.bnbstatic.com/image/pgc/202407/45773885df448753976344b8ef162083.png)
In short, we are still waiting for the correction to begin. An important goal of reduction is also the same, the pool of supports:
- EMA 50 day TF (current rate is $63,120),
- volume level $62,987,
- Fibonacci level 0.5 (rate $62,807).
If a correction starts, it will be necessary to evaluate the nature of the movement towards these supports and the reaction of buyers and sellers to their test. For now we expect that the test of these supports will be wave A.
While on the daily TF the start of the formation of a descending candlestick structure is being delayed. BUT if today's candle closes below $67,386 (that is, the high of the reversal candle on July 19), we expect the first candle of a local correction from Monday. An important confirmation of the approach to the specified support pool should be a breakdown of the volume level of $65,892.
Trading in#BTCfutures on the Chicago Mercantile Exchange (CME) ended Friday at $67,300. This is a “magnet” price for the resumption of trading tonight. That is, we can expect growth from the current ones. And it is worth remembering that the initial vector of trading movement on Monday is often false.
The huge gap of $57,880-$60,840 on the CME chart remains.
![](https://public.bnbstatic.com/image/pgc/202407/79420aa20cf60564e95f4da54daa2fb1.png)
Ideally for future growth it would be to close it this week as part of a correction. And then continue to grow.
Growth targets based on the indicator with a multiplier in case we are wrong in expecting the start of a correction:
- $67,902 (next to the same downward trend since March 14),
- 70 218$.
![](https://public.bnbstatic.com/image/pgc/202407/78e9eb68f62c64f59f485e0780f762c9.png)
There has not yet been a second line test. The second and third lines on the day are the current levels for closing local longs and opening local and risky short positions. No matter how accurately they work, it can be seen in history.