How the situation with BTC has changed after the overnight signal to maintain the uptrend on the daily timeframe.
Working through local markers of a potential low, particularly on the 3-hour timeframe, the price rose from $112,020 to $113,525, but buyers still do not demonstrate the strength needed for a confident reversal.
As a result, the price returned to a stable uptrend overnight and in the morning on the 15- and 30-minute timeframes, but in this hour, it again fell into a stable downtrend on the 15-minute. With dense basic and additional targets up to $110,500 and an extreme target of $109,046.
At the same time, the price formed a new "Bullish Wedge" (highlighted in yellow), with a target around $118,700. The price exited the previous wedge but did not show impulsive movement.
Let’s remind that our orders to add to the long position remain - $111,074 and $109,571. Three markers of a potential low on the 12-, 18-hour, and daily timeframes - this is a strong indication for an attempt to reverse.
BUT there are still two moments that are lacking:
- a final spike with liquidity collection from bulls, sharp movement,
- updates of the local low on August 3 at $111,920 (but as mentioned, it may not be given due to overall expectations).
We will not consider an early purchase BEFORE today's speech by the head of the US Federal Reserve, Powell, until a signal for a stable uptrend appears on the hourly timeframe. And such a signal is absent - the price has been in a downtrend on this timeframe since August 19.
In summary - we see the potential for a reversal roughly from the current levels, allowing for a final spike. However, for this reversal potential to materialize, we need to see strong buying power on the hourly timeframe and higher.
