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

Trading instrument Bitcoin - D1 chart. The overall trend here can 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. Earlier a very controversial situation formed. The price was squeezed between levels. When it earlier rose from the lows it reached the area of the horizontal resistance level 65960. It went slightly above it, which is clearly within the margin of the higher timeframe. There was an opportunity for a decline here, the level and the CCI indicator were ready to move down from the upper overbought zone. In addition, on this indicator you can see a bearish divergence - a strong sell signal. At the support level it was a solid signal. Some decline occurred, but at the same time there is a support level at 63438 below. This is a mirror level at the edge of the decline and, as is known, such places are very strong, so this created a contradiction at the time. I thought that the price could pause around this level and a battle between buyers and sellers would unfold. Most likely in the long term Bitcoin will resume its growth. Only it has a habit of moving sideways for a very long time with a wide amplitude. One can sit in longs for more than a month while it spawns a new directed upward movement. But it was evident that the US dollar dominated the market overall and this trend affected this instrument as well. As a result the price was pushed below the low. At the same time on the MACD used a bullish divergence formed, a very decent signal for growth. In addition, as confirmation there was a reversal pattern, a descending wedge. From below a mirror level 60752 was formed, the price tested its area from above taking into account the margin and tried to rise. For a very long time the price traded in ranges below, for several weeks, not daring to develop the growth that was clearly brewing. In the end it shot up quite a lot within a few days, then pulled back down somewhat and stalled completely. I expected that the price would strive to retest the level 82008. And as can be seen a significant rise occurred; a breakout above the peak took place. The question is whether further development will follow. There is a potential reversal zone beyond the peak, and a divergence on the MACD formed as well. I expect a repeated drop to the area of the broken level 82008 and only from it can new buys be considered. An upward trendline also runs roughly there. If the price can still push through these obstacles, then a decline could become possible.