With today's growth, the BTC price has approached the EMA of the 50 day TF. Currently $63,392. This moving average separates the scenarios for going above $74,000 and below $56,000. Plus, the RSI on the daily TF has reached the important level of 50.
Today's vigorous rise in the price of BTC obliges us to break through this EMA, which has not been succumbed to by buyers for 9 (!) day candles only since April 24th. If today the daily candle closes below this moving average again, given the expectation of growth in the BTC Volatility Index, the price may go to “refuel” at both the volume level of $61,231 and the volume level of $59,335. By designing it, we consider it a bear trap.
Even if such a reduction with the collection of liquidity is lower and is realized, after it we expect growth. But in general, our expectation is a breakdown of the EMA of the 50 day TF in the coming days, a breakdown of the next volume level of $64,120 and, finally, the beginning of growth to a new ATH.
The pGiP on the graph has been changed, now it is larger (small ones are “blurred”). The breakdown of the neckline of the new PG&P is now again in the area of the important volume level of $64,120.
For growth from the current ones without correction, the partially closed gap on the BTC futures chart on the Chicago Mercantile Exchange that formed over the weekend is confusing. Uncovered range - $60,830-$61,045. But with a strong uptrend, closing it may be left for later. As a “magnet” it is not a key factor now.
Growth expectations will now force us to reconsider only the body’s fixation of the daily candle below the volume level of $59,335.
