FX.co ★ teagan.orn | #Bitcoin chart analysis

Trading instrument Bitcoin - D1 chart. The trend here can now be described as neutral. The wave structure is building its order upwards. The MACD indicator is in the upper buy zone above its signal line. Previously a very controversial situation had formed. The price was squeezed between levels. When earlier prices rose from the very lows they reached the area of the horizontal resistance level 65960. They slightly broke above it, which is understandable as an error of the higher timeframe. There was an opportunity for a decline here; the level, plus the CCI indicator, was ready to move down out of the upper overbought zone. In addition, on this indicator you can see a bearish convergence - a strong sell signal. At the support level a decent signal. Some decline occurred, but at the same time there is a support level from below at 63438. This is a mirror level at the edge of the decline and, as is known, such places are very strong, so at that time there was a contradiction. I thought the price could roughly pause at this level and a struggle between buyers and sellers would ensue. Most likely in the long term Bitcoin will resume its rise. However, it has a habit of moving sideways for a very long time with wide swings. You can sit in longs for more than a month while it gestates a new directed upward move. But it was clear that the US dollar dominated the market as a whole and this trend affected this instrument as well. As a result, they pushed the price below the low. At the same time a bullish divergence formed on the MACD indicator used, a very decent signal for growth. Additionally, as confirmation there was a reversal pattern — a falling wedge. A mirror level 60752 was formed below; the price tested its area from above (considering error) and tried to rise. For a long time the price traded in ranges at the bottom for several weeks, not daring to develop the growth that was clearly maturing. Eventually the price shot up quite significantly over several days, then pulled back a bit and got stuck solidly. I expected the price to strive to update the level 81463. And as can be seen, a decent rise occurred, the breakout above the peak took place. But will it develop further? There is a potential reversal zone beyond the peak, and a divergence on the MACD formed. There was a drop to the area of the broken 81463 level and after standing there the price bounced up. But it was scary to buy against the divergence. And as can be seen the fears were justified: the price simply got stuck near this level for several weeks. But in the end the price fell amid an alleged Binance hack and the withdrawal of some billions. They initially fell just short of the Fibonacci 161.8 level and tested from below the broken level 80057, from which they sold heavily. I think the price won't go further; now they may pull the price up to lure sellers into a trap. The three-wave corrective model has played out downward.