The BTC rate continues to update local levels, already $60,114 and currently below $60,000. Loy on May 10 has been updated on both spot and futures.
The price reached the 0.236 Fibonacci level. And on the four-hour time frame there is a signal for growth from the trend reversal indicator.
The situation according to the indicator resembles April 27 - May 1. Then the reversal signals on the four-hour timeframe also broke before the reversal.
But even within the current signal from the indicator, the price can still decline for 7 hours, gaining liquidity. Plus, without a simultaneous reversal signal on a daily basis, as was the case in early May, this signal in itself on a four-hour timeframe is not decisive. Let us remember that the reversal signal for the day was on June 16, but sellers broke it.
The nearest support is the volume level of $59,335 and the upward trend since October 15, 2023. That is, from the start of the entire “uptrend in the name of Bitcoin ETF.” The second support is especially important. Consolidating lower during the day is a clearly negative signal for the bulls.
In the event of a breakdown of the indicated supports, the next support below is already the EMA of the 50 day TF, currently $57,958.
Today, the reason for this decline is the MT.Gox theme, low commissions on the Bitcoin and Ethereum networks, some kind of stuffing in the investigation against Solana, Israel and Lebanon. FUD everyone. In a situation with such a news background, oversold conditions, bearish sentiment - as they wrote, all that remains is to wait for pronounced signals for a reversal. Interest of buyers.
By the way, BTC’s dominance continues to fall, having broken through the important EMA of the 50 day TF. Already 54.84%.
