The BTC rate recovered today above $59,000, but we still assess this growth as a rebound in wave B.
Today's test of the volume level of $59,335 and the green daily candle in general should not be taken as an unambiguous signal to continue growth. On the daily TF, the candle structure is already descending from today.
Yesterday in our chat we discussed the format of the expected correction, if the idea works out. We show how it looks on the chart.
Moreover, this expectation is tied to timing. Our current expectation is that after the high of wave B, the decline may continue until approximately September 23-25.
The whole idea with#BTCmay be invalidated now if the price goes above $60,625. BUT having broken through EMA 50 and 200 of the four-hour TF today, the price ran into a combo of resistances - the volume level of $59,335, EMA 50 and 200 of the daily TF. Therefore, we do not expect growth now and believe that the high of wave B has been set. To confirm this expectation, we need to get a breakdown of the ascending candle structure on the four-hour TF.
Let us remind you that the optimal target of the correction that has begun in case of continued growth after it is now considered to be the volume level of $56,361. The Fibonacci level of 0.5 from the low of September 6 to the high of September 13 passes next to it. A fall below is undesirable for the uptrend, consolidation below the volume level of $55,059 is already a traditional signal of a probable trend break.
The entire forecast is subject to increased risks of invalidation due to the volatility expected at the US Federal Reserve's interest rate decision tomorrow.
