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

Trading instrument Bitcoin - D1 chart. The trend here can currently be called neutral. The wave structure is building upwards. The MACD indicator is in the upper buying zone above its signal line. Previously a rather ambiguous situation had formed. The price was squeezed between levels. When prices previously rose from the lows they reached the area of the horizontal resistance level 65960. They slightly breached it, which is understandable as the senior level's margin of error. There was an opportunity for a decline here, the level as well as the CCI indicator were ready to move down from the upper overbought zone. Moreover, on that indicator you can see a bearish convergence - a strong sell signal. At the support level it was a strong signal. Some decline occurred, but at the same time there is a support level below at 63438. This is a mirror level at the edge of the decline, and as is known such spots are very strong, so at that time there was a contradiction. I thought that the price might pause around this level and a struggle between buyers and sellers would unfold. Most likely in the long term Bitcoin will resume its rise. Only it has the habit of moving sideways for a very long time with wide swings. You can sit in longs for more than a month while it finally launches a new upward move. But it was evident that the US dollar dominated the market as a whole and this trend affected this instrument as well. As a result the price was pushed below the low. At the same time a bullish divergence formed on the MACD indicator, a very decent signal for growth. Plus as confirmation there was a reversal pattern — a descending wedge. A mirror level at 60752 formed below, the price tested its area from above (accounting for margin) and attempted to rise. For a long time the price traded in ranges near the bottom, for several weeks, not daring to develop the growth that was clearly brewing. In the end the price shot up quite a lot over several days, then pulled back a bit and got stuck. I expected the price would try to retest the 81463 level. And as you can see a decent rise occurred, the breakout above the top took place. But will it develop further? There is a potential reversal zone beyond the top, and a divergence formed on the MACD. A drop occurred down to the area of the broken 81463 level and, after holding there, the price bounced up. But it was scary to buy against the divergence. And as you can see the fears were not unfounded, the price simply got stuck near that level for several weeks. But in the end the price fell against the background of an alleged Binance hack and the siphoning off of some billions. They initially fell just short of the Fibonacci 161.8 level and then tested the broken 80057 level from below, where they were heavily sold. I think the price will not go lower; now they may pull the price up, luring sellers into a trap. The three-wave corrective model has played out to the downside.