BTC sellers are trying to absorb today’s pump, and on the 12-hour timeframe a high (a “high” marker) has been set. This is what we wrote about in the morning review.
At the opening of the new 12-hour timeframe, a second potential high marker appeared, which is good for the bears. BUT it does not yet guarantee a new attempt to start a correction of August’s pump. It only potentially limits the strength of the trend and the height of the potential re-break.
In reality, the price is still standing within consolidation. And until it breaks again the sustained uptrend on the 1-hour timeframe, it’s too early to talk about the start of a correction. After all, today the buyers restored the sustained uptrends on the 1-hour and 1.5-hour timeframes—so they control the situation. And the decline in the last few hours has still not brought the price down to the level of a potential break of the 1-hour uptrend (78,408$).
In the end—at the moment, we just keep waiting for the situation to develop and for new evidence of buyer weakness. Today, on the 1-hour timeframe, the price has once again come to test the liquidity zone at 80,382–80,801$, which we mentioned in the review. For the bears, it is critical that this zone is not tested a third time, otherwise the likelihood of a breakout will be high.
At the opening of the new 12-hour timeframe, a second potential high marker appeared, which is good for the bears. BUT it does not yet guarantee a new attempt to start a correction of August’s pump. It only potentially limits the strength of the trend and the height of the potential re-break.
In reality, the price is still standing within consolidation. And until it breaks again the sustained uptrend on the 1-hour timeframe, it’s too early to talk about the start of a correction. After all, today the buyers restored the sustained uptrends on the 1-hour and 1.5-hour timeframes—so they control the situation. And the decline in the last few hours has still not brought the price down to the level of a potential break of the 1-hour uptrend (78,408$).
In the end—at the moment, we just keep waiting for the situation to develop and for new evidence of buyer weakness. Today, on the 1-hour timeframe, the price has once again come to test the liquidity zone at 80,382–80,801$, which we mentioned in the review. For the bears, it is critical that this zone is not tested a third time, otherwise the likelihood of a breakout will be high.
