The BTC rate continued to decline and today reached a volume level of $65,892. A clear test of the level, once again proving the correctness of its determination.

As expected in yesterday’s addition to yesterday’s review, today the structure of daily candles is already changing to a downward one. Although the current daily candle still has a good bullish shadow below. And, in principle, it hasn’t closed yet.

Locally, we allow for a more noticeable rebound by the evening/end of today, but if it does not consolidate above $67,400 and consolidate above the downward trend from ATH on March 14, the continuation of the downward movement is in force. And the first target, as written, is the EMA of the 50 day TF (currently $64,325).

We interpret the decline in#BTCprice yesterday and today as the end of the fifth wave of July growth. And the beginning of corrective wave A. The target of which is currently the EMA of the 50 day TF. But it will be necessary to look at the reaction of buyers and sellers to its test. The fall may become impulsive if the volume level of $65,892 is broken. The goals for levels B and C have been corrected and we are still waiting for the same picture as indicated on the chart. The minimum target for the beginning of the decline, optimal for the bulls, is a test of the 0.5 Fibonacci level from the high on June 7 to the low on July 5 ($62,807) with a test of the global upward trend (indicated by a dotted line) without consolidation below.

By the way, the 0.5 Fibonacci level with the grid from the low on July 5 to the high on July 29 is at the level of $61,811. This is also a good target for a correction, given that in general our expectation for an optimal correction is the range of $60,000-62,000.

In general, the trigger levels for the development of impulse during a breakdown are $67,400 for growth and $65,892 for correction.