The BTC rate shows a sharp drop in price below $61,000 and pulls altcoins down.
This is the same reaction from the resistance that was written about in yesterday’s review and in today’s UPD to it. Rebound -> hit resistance (the key one being the EMA 50 day F) -> move down to “refuel” liquidity.
Rebound and test forecast $62,987 - worked out ✅
Forecast of decline after this - working out ✅
The only thing that was not predicted was that the decline was too impulsive. More impulsive than expected. BUT within the normal range. They wrote that on the current Volatility Index, the price can show a dynamics of 4-6% on a daily candle. This drop is exactly 4.3%. And the Index has only continued to decline since the morning review, already 6.46. He doesn’t have much reserve to repeat such impulses within one day.
The release is strong and abrupt. In an hour, longs were liquidated by $63.22 million. And this despite the fact that in just one day, $86.43 million worth of longs were liquidated. If we hold the volume level of $61,231 until the end of the day, it means that long positions are being reset before continuing growth. Also, the price is now testing a breakdown of support, an upward trend since April 8. It is also important to keep her during the day.
Quote from yesterday's post on the decline forecast:
“BTC currently has two important supports, the test of which is not the “end of the world” for the bulls (a chance for growth):
- upward trend since March 5 (marked with a dashed line), currently $59,872,
- volume level $59,335.
If today the candle closes below the volume level of $61,231, there is a high probability that these supports will be tested."
