Yesterday's forecast for a decrease in BTC to the range of $54,000-55,000 worked out. As did the local figure "Bearish Wedge". The price at the moment reached $54,558. Then the growth began and the price again came exactly to the volume level of $57,709. And now it is very important to break it. Judging by the four-hour TF chart - this time there will be a breakout and the price will go to the volume level of $59,335 and even a little higher.
The price reversed after the reversal signal on the hourly TF, which indicates the interest of buyers.
At the same time, a larger “Bearish Wedge” may form and work out locally with a target in the region of the volume level of $51,604, but it is too early to seriously consider this scenario.
Otherwise, all the theses from the reviews of August 6 and 7 are relevant, let us repeat the key points:
- On the daily TF, a long signal from the trend reversal indicator has been confirmed.
- While the price is above $56,361, all short signals may work only partially or not work at all.
- In case of growth, for a reversal, it is still critically important to consolidate above the volume level of $59,335 and the neighboring EMA 200 of the daily TF. Now there is a downward trend there since July 29, that is, resistance to the exit from the entire dump that has occurred since that date.
- We also need a successful breakout of the global ascending trend support from October 15, where the second touch is the low of the candle on July 5. The fight for this trend is still ongoing.
- Considering today's growth, it is important to hold the $53,300 level. This is still the 0.5 Fibonacci level from the August 5 low to the rebound high. If you consolidate below it, there is a risk of getting a "second bottom as a gift" at best.
