“Delay, but not cancellation of correction”: this is how we assess today’s growth of BTC to $68,378.
At the moment, on the 30-minute and hourly TF, according to our indicator,#BTChas returned to the zone of a stable uptrend. And the approach to expectations is the same - until the price returns to a stable downtrend on the hour - there may be surprises for the bears. It is worth considering the seasonality of the market and the fact that the range since March 14 is already too much. Before the expected correction, the price may be dragged to the psychological $69,000 and even higher.
In yesterday's review, it was written that the indicator on the daily chart gives signals of a potential high, and this means that there is room for growth until October 19. The high set on October 17-19 may become the maximum before the correction.
Today's growth has not yet rewritten the high of October 16 $68,424. And it is somehow illogical to correct without removing liquidity behind it. Even taking into account that the uptrend by candle structure has already exhausted itself on the 12-hour TF and is exhausting itself on the daily one.
It is noteworthy how densely the growth targets from other TFs are on the hourly TF: 12-hour, two-hour and four-hour. The last target is $70,324.
In history, such dense ranges of additional targets, close to the basic ones, often work out.
We have set an alert for a stable downtrend on the hourly TF again and are watching. If the price changes to a downtrend on this TF again, we can forget about additional targets up to $70,324 again. And it is unlikely that the downtrend signal will be false again this time. Yesterday's "parade" of 41 alerts about a stable downtrend of altcoins on the four-hour TF - no one has canceled. And this is almost 1/5 of all assets that our system monitors.
On the chart with volume levels and trend levels, the past growth is so far another unsuccessful attempt to break through the volume level of $68,232 and the downward trend from the ATH on March 14.
TOTAL expectations: while the price is in a stable uptrend on the hour - we allow growth to the psychological $70,000 area. But then we expect a correction. Transition to a downtrend on the hour - an early transition to a correction.
A note on the BTC Price Volatility Index - we are on track. All 4 vertical lines on the chart were forecasts, not facts. We have already correctly forecasted the days of volatility reversal three times since October 1. And our current forecast is an increase in volatility until October 21, then a decrease in volatility. Then we expect a decrease. Let's see how high the index can reach in the remaining days. But it is worth remembering that volatility growth can occur both on price growth and on its fall.
