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

Trading instrument Bitcoin - D1 chart. The overall trend here can be said to be neutral. The wave structure is forming upward. The MACD indicator is in the upper buy zone above its signal line. Previously, a very ambiguous situation developed. The price was squeezed between levels. When earlier it rose from the very lows it reached the area of the horizontal resistance level 65960. It slightly broke above it; obviously this was a higher-level inaccuracy. There was an opportunity for a decline here: the level, and the CCI indicator was also ready to move down from the upper overbought zone. Furthermore, on this indicator you can see a bearish convergence — a strong sell signal. At the support level it was a decent signal. Some decline occurred, but at the same time there was a support level from below at 63438. This is a mirror level at the edge of the drop and, as is known, such places are very strong, so at that time there was a contradiction. I thought that here the price might pause at roughly this level and a battle between buyers and sellers would unfold. Most likely in the long term Bitcoin will resume its growth. However, it has a habit of moving sideways for a very long time with a wide amplitude. One can sit in long positions for more than a month until it produces a new directional upward movement. But it was evident that the US dollar was dominating 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 being used, a very decent signal for growth. In addition, as confirmation there was a reversal pattern — a descending wedge. A mirror level 60752 was formed below; the price tested its area from above, taking into account the error, and tried to rise. For a very long time the price moved in ranges at the bottom , several weeks, not daring to develop the growth that was clearly brewing. In the end, it shot up quite significantly over a few days, then pulled back somewhat and got stuck firmly. I expected the price would try to retest the level 82008. And as can be seen, a considerable rise occurred; a breakout above the top took place. The question is whether it will develop further. There is a potential reversal zone beyond the top, and a divergence formed on the MACD as well. I expect a repeated descent into the area of the broken level 82008, and only from it can new buys be considered. There is also roughly an ascending trendline there. If the price nevertheless can push through these obstacles, then the development of a decline will become possible.