The BTC rate growth on August 1-2 fulfilled the target minimum of the rebound in wave B.

Yesterday we wrote on wave B:

“- The target is the maximum (!) in the area of ​​the volume level of $67,088 and the downward trend since March 14. 

“The minimum target is around the 0.618 Fiboncchi level (rate $64,982).”

The price at the moment reached $65,659. Today it will be decided whether this movement was the high of wave B, or whether the price will go higher. We are not changing the layout yet, so that the difference between the forecast and the fact is visible.

For the second option, in which the growth has not yet been completed, the price needs to consolidate above the EMA 200 of the four-hour time frame (currently $64,500) and the EMA 50 of the day time frame (currently $64,360). 

In general, a daily candle closing today above the EMA of the 50 day TF will mean that this support has held selling pressure for the third day. Then the price can go above the EMA 50 of the four-hour timeframe, which now lies at the volume level of $65,892. And, upon breakdown, the target we are looking for is the maximum of wave B - $67,088. And, probably, a test of the downward trend from ATH on March 14 (currently at $67,370).

If there is no consolidation above EMA 50 of the four-hour TF today, we will assume that the high of wave B has been set and the rate will then decline in wave C with a move below yesterday’s level of $62,302.

We leave the target correction level of $60,000-62,000 in effect. But remember the gap of $57,880-$60,840 on the BTC futures chart on the Chicago Mercantile Exchange. 

According to the indicator with a multiplier, as was written yesterday, the reaction of buyers came from the second lower line on the four-hour timeframe. The price in the current rebound has reached the middle line and cannot break through it yet. On the daily TF, all this growth resulted in the inability of the bulls to break through the median line. If there are no breakouts on these two TFs, this is an argument in favor of the fact that the high in wave B has already been delivered.