BTC, meanwhile, is trying to consolidate above $83,000 today. A battle is unfolding over the $83,006–$83,492 liquidity zone on the hourly timeframe, which we mentioned in yesterday’s reviews:

"... Only after an hourly candle closes above $83,492 could we say that buyers are breaking higher and further gains are the priority..."

There was already a squeeze to the upside during this hour, but the price has since pulled back. The potential “Bearish Wedge” from October 15 is at risk of breaking down. On the local 10-minute TF, a correction from the Strong high is underway, just like last time. But whether sellers can seize the initiative from here remains to be seen.

The nearest important horizontal levels on the hourly TF are shown in a separate screenshot.

For now, all we can do is quote the words from the previous post: overall, we stand by our view on the prospects for a correction—it remains valid until #BTC absorbs its persistent downtrends on the 12-hour and 18-hour TFs.

At the same time, the price still hasn't moved into a sustained uptrend on the 4-hour TF. BUT buyers have a fresh liquidity zone on this TF that can serve as support—$82,297–$82,969—which sellers need to absorb with the body of a 4-hour candle to invalidate it.

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