The BTC rate broke through the $61,000 level, invalidating our idea with the ABC correction already underway. Moreover, the price reached the volume and mirror level of $61,231, which we indicated in the analysis of September 10 as the maximum high for the uptrend that has been going on since September 6.

We were clearly in a hurry to abandon the initial growth target, the market thoroughly confused us along the way, forcing us to believe yesterday that the correction had already begun. Nevertheless, a little more than a week later the price came to where it should have. The high from August 29 has been updated. But the bulls should definitely not rejoice. Because it is now that the number of arguments for a reversal into a correction has gathered into a critical and confident pool.

There are three important points to note about#BTCafter the September 13 high of $60,625 was rewritten today:

FIRST. Yesterday's alternative idea is relevant again, that on September 13 only the third wave's high would have been set. Yesterday we dismissed it after the $57,493 low. But if we assume that the wave 1's high was set on September 7 at $54,850, then the structure was not broken.

SECOND. Today's daily candlestick has grown over the last hour, from the first in the downtrend to the last in the uptrend according to DeMark. As can be seen on the trend reversal indicator, the signal on today's candlestick shows "Expensive" again, confirming the high probability of a correction starting in the near future.

The correction was not cancelled, but was postponed for one day. In which it renewed the high, having collected liquidity for the high of August 29.

THIRD. Now the price is trying to break through not only the important level of $61,231, BUT also the global upward trend since October 16, 2023 (indicated by the dotted line).

And if this breakout is unsuccessful (and the risks of this, given the local wave and candle structure, are very high), then this rebound from the level is even more significant. It is global in nature. The previous unsuccessful attempts to break through this trend in an attempt to return above it were on September 3 and 13. And after them there were correctional threes. In the best case, the three will repeat. In the worst case, the price will start collecting liquidity for another attempt to break through this trend much lower. For example, for the low of September 6, $52,550.

The correction scenario can only be cancelled by consolidation above EMA 50 on the daily TF.

ps: such a day, most posts about #BTC. Tomorrow is the release of our indicator for the community, there is still no strength and time for a full-fledged news feed. The indicator will be received primarily by participants of our chat. It was a very long journey, but testing, your feedback, and improvements based on their results are ahead.

$BTC