The BTC rate almost reached the volume level of $65,892 in the past hour. The set high is very close - $65,839. This can be considered as a test, it is not always possible to determine the volume level with an accuracy of a dollar.
The hourly timeframe is currently showing a technically interesting and potentially decisive picture. The previous candle closed bearishly.
But the upward trend still remains. Its fate will be decided on the next two candles, including the current one. If the hourly upward structure is broken, we can expect at least a test of $64,120.
On this TF, the trend reversal indicator was already giving a short signal, but buyers broke it and the growth continued. At the same time, there was an even more bearish candle along the way, but this did not stop the uptrend. Now the situation is different in two ways:
- we can count the test of the volume level of $65,892, and this is resistance.
- the risks of breaking the ascending candlestick structure are now much higher.
Another point - in the current format of the local Fibonacci grid, a number of levels overlap or are very close to the volume level. This is easy to see on the screen with a four-hour TF. This may indicate that the current high is really a high.
Another important thing is that the two-hour TF also has reversal candles.
But on the four-hour TF, the ascending structure may continue until tomorrow morning. Therefore, everything rests on the resistance of $65,892, literally.
By the way, today's growth on the daily TF at P73 Trend & Target Dynamics for#BTChas worked out the second of three basic targets, $65,339. There is only one left, $67,798.
The tool once again teaches that it is not enough to develop it, you also need to learn to take its signals into account 😁. But not without risk and money management, of course.
At the same time, on the weekly TF, the asset is still in the DOWN zone, where after the basic stop was knocked out, the first target was worked out and the second one was almost worked out. It is sadly too early to talk about a confident break of the downtrend.
