From yesterday's update on BTC before the night, a new high of $107,985 has been reached. This has brought the ATH level even closer. We do not change our assessment from yesterday and believe that the situation still looks like an open path to a new ATH.
Although there was quite aggressive absorption of part of the growth in the morning, the price did not go into a stable downtrend even on the 30-minute timeframe. However, there is a reaction from the marks of a potential low on this timeframe, which were warned about an hour ago in the chat. For now, there is an attempt to return above the trend line from May 12.
On all key timeframes, stable trends remain bullish, and the only thing that could make bulls worry based on indicators is the presence of bearish divergences in several classic tools like RSI and already the third mark of a potential high according to our indicator on the 2-day timeframe. The marks are also forming after three fulfilled targets of a stable uptrend.
However, these signals can certainly break down, and moreover, while the price is in a stable uptrend on the hourly timeframe, we are confident that they will be broken, paving the way for a test of the psychological $110,000.
The key intrigue is that on May 22-24 we expect a reversal of the Price Volatility Index for #BTC. And today’s index chart indicates that the reversal may occur earlier.
The key question is which direction this will take the price. A number of on-chain metrics, as we wrote in recent days, signal growth.
The index does not always truly 'announce' a significant movement. But for now, my personal expectation is that this time the movement will indeed be substantial.
