The BTC rate continues to correct today, yesterday's level has been updated. There is an attempt to gain a foothold under the volumetric and mirror level of $67,088.
On the daily timeframe,#BTCdoes not yet have a stable downward structure, although other indirect arguments (signal from the trend reversal indicator, excitement since July 5, reaction from the downward trend since March 14) make it clear that it can start today or tomorrow.
On the four-hour time frame, a descending structure has appeared today. And if the local trend continues, it can continue for another 4-6 candles.
For a correction scenario, the price should not return above $67,088. As long as the price is below $67,088, we expect approximately the same movement in the ABC correction as indicated on the chart.
As we wrote yesterday, an important confirmation of the correction should be a breakdown of the volume level of $65,892.
According to the indicator with multipliers, a first line test was made today with a decrease to $66,253.
The price has been locked between the first and second lines since July 19th. According to the indicator, a breakout in one direction opens the way to the following goals:
- for bulls (if our scenario is canceled) - if $68,626 is broken, the target will be $70,935. About +3.45% net movement.
- for bears - if $66,253 is broken, the target will be the median line at $61,507. About -7% net movement.
The lines are dynamic, the levels are indicated by the current state. Fluctuations on the daily TF within the day are insignificant.