The BTC rate is completing a local growth structure since September 11. The DeMark trend reversal indicator gives a signal for a possible start of a correction; the price was unable to break through the EMA 200 of the four-hour TF today to test the volume level of $59,335. Although there is still a chance to update the high on the current and next candle.
The currently set high of the local fifth wave is $58,588. While the#BTCprice is above the volume level of $57,709, the fifth wave continues. But if the price starts to consolidate below it on the four-hour TF, this will be a strong argument that the fifth wave was truncated and a correctional ABC structure is beginning. In which it will be important to hold the volume level of $55,059 to maintain the uptrend. If buyers manage to break the current short signal on the four-hour TF, this will be an application for a move to the maximum volume level of $61,231. Even with the expressive strength of the bulls, we do not expect that the price can now go above this volume and mirror level.
