BTC is having a bullish Sunday, breaking through to $84,000. This is what we warned about on October 9, given the abundance of signs pointing to a potential low on the 12-hour timeframe.

That’s also why we added a small amount to the short position at the time. We thought the bounce might continue, and as we can see, it’s playing out.

The price has now peaked at exactly $84,000, while also entering a steady uptrend on the 2-hour and 4-hour timeframes.

There isn’t one on the 3-hour timeframe yet, and this will be resolved in two hours. But given the uptrend on the 4-hour timeframe, we believe the rebound will continue. The baseline targets on the 4-hour timeframe are $84,574 and $85,206.

Locally, there is already a third Strong signal of a potential high on the 15-minute timeframe, so we’re waiting for a pullback during the current hour, followed by a continuation of the rise.

If the third target of the uptrend on the 4-hour timeframe is reached, we’ll watch for new Strong signals of a potential high on timeframes from 5 minutes and up.

We are NOT canceling our plans to add to the short position. A reminder of the reasons: earlier this week, #BTC entered a sustained downtrend on the 12- and 18-hour timeframes, and the asset has two potential-high markers on the weekly timeframe (a third will appear overnight).

Note that the levels that could break the downtrends on the 12- and 18-hour timeframes are $85,365 and $85,135, respectively. These levels also align quite well with the latest baseline target for the uptrend on the 4-hour timeframe. So far, everything looks quite orderly.

We assess this rise as a short squeeze and a bull trap.