In the evening review on BTC, they wrote that the four-hour TF allows growth until this morning. Which would imply a breakdown of the reversal formation on the two-hour TF. As a result, the breakdown occurred and by lunchtime the price reached a potential reversal candle on the four-hour TF, currently breaking through the volume level of $ 65,892 and setting a high of $ 65,986.
In the candle structure on the four-hour TF, if the signal works, the reversal may follow on this or the next candle. If their high is not broken during the day, a correction may start.
Fomo is becoming stronger among traders. The BTC Fear and Greed Index is already 61, greed. The questions "what if there is no correction?" are increasingly heard. But we still expect a correction in the coming days. Now the question is from what levels. With the pronounced strength of buyers, it would be stupid to play against the market, we need evidence of the start of a correction. So far, all hints of it are broken.
Can a reversal formation on a four-hour TF become the start of a correction? Yes, but there are arguments "for" and "against". And so far there are more arguments against the correction. And if the level of $65,892 is broken, then the arguments for further growth to the targets that we will indicate in this post will definitely outweigh for us.
"For" a correction from the current high:
- Reversal signal according to DeMark on the four-hour TF. Until it is broken - at least a sideways movement. And according to the "maximum program" - a correction.
- With the current high, a number of local Fibonacci levels (0.382, 0.5, 0.786) lie directly on the volume levels or very close to them. And from experience, this adds arguments to the fact that the high has been set. By the way, the 0.5 Fibonacci level is at $59,268, which is close to the volume level of $59,335. In the event of a decline starting, this is the target of a normal and healthy correction. While the price is higher, there is no reason for bulls to worry.
“Against” correction from the current high:
- On the uptrend since September 6, the reversal formations of candles on this TF have already broken twice. The second time - through consolidation in the area of volume levels of $62,987 and $64,120. Let's see if there will be a hat-trick. Playing against the trend in this case would be stupid.
- As was written yesterday, the consolidation of the daily candle on September 26 above the volume and mirror level of $64,120 opens the way to the following volume levels of $65,892, $67,088, $68,232. Now, while the price is above the support of $64,120, the targets are relevant.
- On the daily TF, an ascending candle structure has been formed, which may last, if the trend continues, until October 2-4. Plus on the weekly TF, the current candle, if it closes plus or minus in its current form
- There is a short sentiment in the market and the price may go against the crowd's expectations.
The price is already very close to the full target of pGiP $68,682. And even closer to the most important resistance of the entire range since March 2024 - the downward trend with ATH, set on March 14. This is the key resistance in the fourth wave of the current cycle, the breakout of which can lead to strong impulse movements upwards - a#BTCbull run.
On P73 Trend & Target Dynamics, there is increased pressure from buyers since yesterday. On the 15-minute TF, the signal of a stable uptrend from the entry point to the high eventually gave +3.75% growth, going far beyond the basic targets. At the same time, when changing to a stable downtrend (which we expected as a potentially significant one), it worked out only the first basic target and then knocked out the basic stop, after which the price is in an uptrend and has already worked out 3 basic targets.
Stable uptrends for assets - on the 30-minute, all hourly TFs. At the same time, as can be seen from the screenshots, on some of them there are also signals of a potential high. On the daily TF, the last of the three basic targets of a stable uptrend remains - $67,798.
