The BTC rate confirmed its entry into the local fifth wave with its growth today. The low of the fourth wave was set by yesterday's manipulations after the release of data on consumer inflation in the US, and amounted to $55,545.
Today's high is $58,470. Technically, the correction of the entire five-wave structure from September 6 may begin right now. Then this is a scenario of a truncated fifth wave. But while the price is above the volume level of $57,709, we do not think that this is the case. Plus, the candle structure remains ascending on the four-hour and daily TF.
On the daily TF, if the trend continues, we still expect a high on September 15-17. Locally, we focus on the four-hour TF, because the ascending structure there, if the trend continues, should be completed by the end of today. Further in the long scenario, depending on the strength of the buyer, there will either be an immediate breakdown of the reversal signal and continued growth, or first a local sideways movement and continued growth.
We still consider the target of the fifth wave to be the range between the volume levels of $59,335 and $61,231. From there we will wait for a local correction or sideways movement. Let us also remember that this entire five-wave structure in our expectation is only the first wave of a more general structure. Then the ABC correction to this five-wave will be the corrective second wave in this larger structure.
In the Trend & Target Dynamics indicator, the#BTCrate has been in the green, UP zone since yesterday evening and today it reached the first basic target on the two-hour TF. BUT there are already signals of a potential trend reversal. On the four-hour TF, the asset remains in the green zone. On the daily TF, the asset still remains in the red, DOWN zone.
