The BTC price ranged over the weekend and, we remain in our opinion, is preparing a strong impulse in the coming days. By the way, on the BTC futures chart on the Chicago Mercantile Exchange, the gap appeared microscopic and closed in the first hours of trading on Monday.
An important point is that the daily#BTCspot candle that closed yesterday broke the downward trend. This means that instead of June 4-5, as we predicted on May 31, a reversal may occur now. The power of buyers is showing.
In general, the entire correction of#BTCprice growth since May 20 is extremely restrained. The price is clamped in the triangle, as is often the case with movement in the fourth wave. Further we are waiting for growth with the full development of the P&P goal ($73,635) and the update of ATH. As part of the fifth wave of growth, which began on May 1-2. The beginning of which we clearly identified on May 1st at a price of $57,158.
What is confusing is that the price in motion since May 20 has not tested the EMA of the 50-day TF (currently $66,023). Therefore, we do not rule out that before the true movement and exit from this triangle upward there will be a false exit downward, with a pin of this EMA.
For a growth scenario without this false downward movement, it is important:
- Fix above the volumetric and psychological level of $69,000, ATH of the last cycle.
- Break through the local downward trend from May 21. This will be the start of exiting the triangle in the fourth wave.
- Break through the downward trend from the current ATH, from March 14 (currently at $70,187) and consolidate higher. This is still the key resistance.
- Keep the RSI on the daily TF above 50.
An important point - the BTC Price Volatility Index can also show an early reversal. Not June 4-5, but today. But you need to wait until the daily candle closes. For now, we leave the forecast vertical volatility reversal line at June 5th. Our expectation is the same - the exit of the Volatility Index from this anomaly of strong decline promises a movement for the BTC price of 20-25% from the current one.
The week promises to be bright.
