The BTC rate for yesterday and today broke the ascending structure on the daily TF. Although yesterday was with increased volatility in both directions - as a result, the price is still showing weakness.
The bulls failed to break through the important resistance - EMA 200 of the daily TF (currently $59,466). Until the price closes above it with the body of the daily candle - an attempt to break it and consolidate above it since August 8 is false.
This moving average together with EMA 50 of the four-hour TF (currently $59,726) and the volume level of $59,335 now form an important resistance pool. And while the price is lower, it will strive for a repeated test of the volume level of $57,709 and the global trend support passing nearby, squeezing under them in search of bullish liquidity.
But the five-wave growth structure remains relevant. To maintain it in order to update the high of the fifth wave of $62,745, it is still very important not to fall below $56,376.
The wave structure is relevant, as is the "Bullish Flag". We expect it to work out, breaking through all the resistance from yesterday's post, including the EMA 50 of the daily TF (currently $62,282). BUT for now the trend is locally downward and there is a high probability of going beyond yesterday's low first.
TOTAL expectations: first approach to $57,709 and probably a little lower, then growth and working out the targets of the five-wave structure and long pattern. The range of targets for growth is wide, taking into account trend, volume levels and Fibonacci levels - from $64,120 to $69,000. At the same time, the remainder of the unclosed gap on the chart of futures on#BTCon the Chicago Mercantile Exchange (CME), $60,210-60,960, closed yesterday. The "magnet" for growth in this regard exhausted itself yesterday.
