The sharp drop in the price of BTC at the beginning of the new week provided two important signals from our indicator.

These are strong downtrends on the 2-hour and 4-hour timeframes.

In Saturday's review, we wrote:

"... The key support right now, which will determine the further weekend - is the EMA 50 on the 2-hour timeframe at $95,811. It is being tested now, and if it is breached despite already having the third mark of a potential low - there is a high probability that this will indeed start a more significant correction..."

Over the weekend, the price broke this support, and when looking at the 2-hour timeframe, it is clear that after the buyers' inability to raise the price above this EMA, a sharp sell-off occurred. This happened after a squeeze towards the support represented by the descending trend line since April 25.

The movement was so sharp that on the 2-hour timeframe all basic targets for decline have already been worked out. And on the 4-hour timeframe, the targets of $93,670 and $92,825 have not yet been worked out.

Another important point on the 4-hour timeframe - an important support level in the form of EMA 50 on the 4-hour timeframe has been breached. Since Saturday's review, it has noticeably tightened to the level of $94,965. Until the price returns above, correction to the targets of our indicator is a priority.

The night and morning are very important because on the 4-hour timeframe, Bitcoin has already marked its second potential low out of three possible.

Firstly, we need to see in what form and at what level we close the third candle. Secondly, we need to see if there are prospects to recover above the EMA 50 on the 4-hour timeframe. Thirdly, for bulls, it is important to successfully test at $93,957, where the global trend line from the highs of the previous cycle is currently passing. Already as support.

In this sharp sell-off, the horizontal levels from our P73 Smart Liquidity Zones indicator also performed perfectly. We also mentioned important levels on the 4-hour timeframe on Saturday:

"According to the important horizontal levels from our indicator, the support at $96,499 has been breached, as we wrote yesterday when the price was above - it was merely a range. Now there is a breach and a retest of the breach. The next important level will only be $94,243"

During the impulsive decline, the price of #BTC reached $94,151. And $94,243 clearly acted as support. When the support is breached below, there are such targets for the decline:

- $93,566,

- $92,663,

- $91,309,

- $90,632.

Additionally, on the Bitcoin futures chart at the Chicago Mercantile Exchange, there are currently two gaps:

- from below $91,645-$92,525,

- from above $96,440-$97,340.

The chart of the Volatility Index of BTC price reminds us that we expect a possible increase in BTC volatility from May 5-7.