Not a long squeeze, but a "saw" in two directions shows BTC after the US consumer inflation data. $57,166 became the maximum in the rebound. Trading on macro data today is extremely bloody for many. On #Binance, someone received liquidation for $11.8 million on#ETHon this decline.
On the#BTCchart, the decline rewrites the 4th wave low in the local five-wave structure. Recall that for the 4th wave low in our analysis there were two possible volume levels - $56,361 and $55,059. As we wrote yesterday, the first option is optimal for bulls, the second is acceptable. But a move below $55,059 is extremely undesirable. Moreover, a move below $54,850 invalidates the idea of this impulse structure.
Four-hour TF in a descending structure. The daily one remains ascending with maximum growth terms until September 15-17 while maintaining the structure.
On Trend & Target Dynamics, this growth did not knock out the calculated stop loss of a potential short on the hourly TF. And the current decline led to the second target being worked out. On the two-hour TF, where the stop would have been knocked out, the current candles are a potential trend reversal.
Expectations are the same - a 4-wave low in the area of the volume level of $55,059, maintaining the five-wave structure and continuing growth to the range of $59,335-61,231.
