The BTC rate continues to develop a downward trend within the framework of the forecast dated July 15. With update on July 17.
Yesterday's signal from the trend reversal indicator is already showing the result today - a downward structure has emerged. Moreover, even if today’s daily candle closes around the 0.618 Fibonacci level (rate $64,982), this will not change the prospects for the downward trend, it will only delay it by one day. In the meantime, a descending structure has emerged since today.
Yesterday's candle closed in Doji format, while today's candle closed in Doji format. There is a certain parity in the powers of buyers and sellers. But hardly for long. Especially considering that yesterday’s and today’s price movement is consolidation under the volume level of $64,120. The importance of which has been written about many times.
In the coming days we are waiting for a test of the support pool that we wrote about yesterday. Namely:
- volume level $62,987,
- Fibonacci level 0.5 (rate $62,807),
- EMA 50 day TF (current rate is $62,692),
- EMA 50 and 200 four-hour TF (today the range is $61,861-62,288).
Let us repeat that the first three supports are the target of a minimum correction and as long as the price is above the EMA of the 50 day TF, the priority is to continue growth up to the new ATH. In the event of a breakdown of the supports and continuation of the correction, the maximum target, at which the bulls still should not be afraid, is $59,335.
Yesterday's forecast for#BTCdominance is also fulfilling - growth is underway, the target is the same - around 55.7%. And most likely this growth will be precisely due to a decrease in the price of BTC, when liquidity will come out of it more slowly than from altcoins (accordingly, altcoins may decline more noticeably in the coming days). Next, after the 55.7% test, we will reassess the prospects. But the priority is still to reduce dominance after reaching this level. On the weekly TF, bullish engulfing is still brewing at the dominance. But we don’t think it will work. In the near future, we expect the time of altcoins to arrive.
