The BTC rate failed to consolidate above the volume level of $64,120 over the weekend. As we wrote on Friday, this is now an important resistance.
The price did not go significantly below $64,120 on the four-hour TF correction signal. But it was not possible to break through it either. As a result - a local range.
The situation can be attributed to the weekend. But in any case, the time for growth has been seriously missed. As we wrote in all the latest reviews, the uptrend from August 5 may end on August 25-27. A signal from the trend reversal indicator according to DeMark's methodology appeared on the daily TF.
This means that the high set today or tomorrow is likely to be the high of wave 5. If it has not yet been set yesterday by growth to $65,000 exactly. In this scenario, the price will then undergo a correction. In which the bulls should not allow the price to consolidate below the volume level of $57,709. And better yet - below $59,335.
There is a probability of this signal breaking and it is in force as long as the price is above the EMA 50 of the daily TF (currently $61,764). Or, in extreme cases, at least the volume level of $61,231. Then we can see at least growth to the volume level of $65,892 or the full target of the pGiP in the region of $66,773. But the longer the price is below $64,120, the less likely this is.
Trading in#BTCfutures on the Chicago Mercantile Exchange (CME) opened today with a minimal gap, which was quickly closed overnight.
The BTC price volatility index, by the way, is still delaying, but will not cancel the processing of the upward reversal signal from August 21. The downward structure on the daily TF has not yet been confirmed. The surge in volatility in the first days of this week may be sharp. But the open question is whether the short signals on the daily will be broken or processed.
While the price is below $64,120, we are expecting a correction and will wait for buyers to react from the level of $61,231.
