The BTC rate today shows another move below $68,000. But since yesterday’s big review, our assessment has not changed, and the key from it for now:
“... on this decline, the price broke through the local downward trend support since May 14. While the price is below the volume level of $68,232, the “magnets” are the volume levels of $67,088 and $65,892.
Between them are the layers of daily candles on May 23 and 24, behind which the nearest liquidity of the bulls is hidden. And near $65,892 there is already the EMA of the 50 day TF... The most important support, below which one cannot consolidate in the scenario of going to ATH in the near future...”
The key resistance for growth to the full target of $73,635 and to the new ATH is the downward trend from the current ATH, March 14. Today it passes at $70,426. And we can talk about the chances of growth from the current ones if the volumetric and psychological level of $69,000 is broken. ATH of the last cycle. They wrote about its importance back in the analysis on May 24, and today, if you look, there are also several local ascending trend lines that act as resistance.
Moves below $69,000 are, at best, a range in a narrowing range for some time to come. This scenario should not be discarded, because the BTC Price Volatility Index (discussed yesterday) continues to decline. The downward structure of the Index is in force and, if maintained, may show a decline for another 5-6 days. But yesterday they wrote that due to the atypical range and gradual decline in the Index chart, it is now difficult to navigate it. There are constant breakdowns in the structure of the candles.
