The BTC rate spent the night under the EMA 200 of the four-hour TF, but broke through it on the current candle. In addition, the price is currently above the EMA 50 of the daily TF (currently $61,404). As long as the price is above these supports, we can expect further growth.
While the#BTCprice is above the EMA 200 of the four-hour TF (currently $61,737) - it is heading towards the nearest important resistances:
- global upward trend since October 2023 (shown by dotted line, currently at $62,612),
- volume level $62,987.
BUT it is too early to make confident conclusions about further growth and especially about a reversal. We need to wait for the current four-hour candle to close.
We still expect that the price may be sent lower, to test the EMA 200 of the daily TF (currently $59,893), as well as to the 0.5 Fibonacci level of the entire growth from September 6 to 27 ($59,524) and to the volume level of $59,335. Let's note an interesting feature - in the past months, the lows of all declines fell on the 5th: July 5, August 5, September 5.
Now is a very important moment, because the price has reached the level of 0.5 on the local Fibonacci, on this whole dump. This is the rate of $61,926. There have been two attempts to break through this level, now is the third.
On the four-hour TF, the candlestick structure is still descending, BUT has a chance to change to ascending on this TF. On the two-hour TF, it changed to ascending early in the morning and is still holding. We will monitor its fate. The daily TF is a descending structure, with the prospect of continuation until October 6-8. The weekly TF is an ascending structure, it has been established since the end of September. All of August and September it has been descending.
According to P73 Trend & Target Dynamics, the night signal of transition to a confident uptrend on a five-minute TF turned out to be true. But the basic stop was knocked out in it. And not even by a manipulative squeeze, there was a trade under it. But in the end, the price moved to growth.
In addition to this TF - change of stable trend and on 15-minute. Two targets out of three have been worked out.
But on the 30-minute and hourly charts, the price is in a confident downtrend.
On the daily TF, the asset remains in the UP zone, but given the overall picture, this is under threat.
