The BTC rate updated the high uptrend for 2023-2024, reaching $53,638. Marker targets in case of continued growth are the same upward trend from December 5, 2023 (indicated by a dotted line, currently $54,360) and the volume level of $55,059.
We do not expect consolidation above these goals in the growth scenario, as we wrote about on February 16.
Firstly, the $53,200-$53,500 gap on the CME is closed. And there is no longer a “magnet” from above for institutionalists. And closing this gap took a long time and painfully; there were no buyers to close it with an impulse. It is still difficult to imagine that the price, having passed it, will gain a foothold further. Although now the price is higher, by $54,000, we need to evaluate the closing day.
Secondly, according to indicators, the asset remains overbought and the range since February 14 has not unloaded either the daily or weekly TF on RSI and MACD. They are bearish and with bearish divergences. To unload them, you need to go back to $51,604, $50,312, $48,830, $47,244 at least in the range. Where the hike is below $47,244, this will no longer be a range, but a correction.
WITH ALL THIS, while the price on the daily timeframe closes above $51,604, further growth is a priority. And above it there are much fewer volume levels and impulse movements are possible there. Therefore, just in case, we will repeat the current volume levels at the top:
- 55 059$,
- 56 361$,
- 57 211$,
- 58 797$,
- 61 231$,
- 62 987$,
- 64 120$,
- 66 385$.
