Despite yesterday's bounce, it is still not possible to talk about BTC returning to full growth. We are currently skeptical about the version of a move to $100,000 due to the same signals of a potential high on the daily, two-day, and weekly timeframes that have been mentioned recently. Such a combo could only be broken by a 'God candle', and since it is not there, the price may at best be led within a range, form a triangle, or a descending channel. It could unload in a sideways movement, gather liquidity from both sides, and continue the growth closer to mid-December.
Locally, if we look at the situation's development since November 22, it's only about strengthening the sellers' attack angle (three descending trendlines on the chart).
The price reached $97,208 yesterday at the high, just short of the substantial level of $97,553. And today it is heading towards a retest of the EMA 50 breakout on the four-hour timeframe. From this support, we expect a local rise today and a breakout from the descending trendline since yesterday's high. Signals of a potential low on the hourly timeframe support this.
And on the 12-hour timeframe, the signal for a potential low that was mentioned yesterday is being worked out. With already significant growth for the local picture.
The maximum target for the emerging growth from the EMA is still considered to be the substantial level of $97,553. But it is important to watch how the price behaves at local trend resistances. There are two on the way to the maximum target.
The growth potential is strong, as long as the price does not close below the EMA 50 of this timeframe with the body of the four-hour candle (currently at $94,671). And as long as according to our indicator, the price remains in a stable uptrend on the hourly timeframe. The situation now is such that breaking one argument for growth will break the second as well. And it could all be decided in the coming hours.
For the possibility of breaking the growth or only partially working it out, it is also important that on the four-hour timeframe our indicator showed a potential high last night and the candle structure changed to a descending one after that.
And on the daily timeframe, it remained descending despite yesterday's growth. The prospects for correction on the daily timeframe are still the same - by December 1-3. But we expect movement within the range to last longer. As mentioned - several weeks. And the range itself will be wider. The only premature exit from this scenario for us now could be a daily candle body closing above the substantial level of $98,433.
In the short scenario, upon breaking the support of the EMA 50 on the four-hour timeframe, we are aiming for a repeat attempt to reach the substantial level of $91,306. And if it consolidates below it with the body of the four-hour candle, the likelihood of testing the nearest substantial levels of $90,564 and $89,365 will increase.
