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

Trading instrument Bitcoin - D1 chart. The trend here can be called neutral at the moment. The wave structure is building its order upwards. The MACD indicator is in the upper buy zone above its signal line. Earlier a very contentious situation developed. The price was squeezed between levels. When previously it rose from the very lows it reached the area of the horizontal resistance level 65960. It slightly pierced it, which is understood as the margin of a higher-level. There was an opportunity for a decline here, the level again plus the CCI indicator was ready to exit downward from the upper overbought zone. In addition, 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 decline and, as is known, such places are very strong, thus at that time it turned out to be contradictory. I thought that the price could roughly pause at 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. You can sit in longs for more than a month while it spawns a new directional upward movement. But it was visible 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 a bullish divergence formed on the MACD used, a very solid 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 margin and tried to rise. For a very long time the price moved in ranges at the bottom, for several weeks, not daring to develop the growth that was clearly brewing. In the end they shot up quite strongly over a few days then pulled back a bit and got stuck solidly. I expected that the price would aim to renew the level 81463. And as can be seen, a decent rise occurred; the breakout above the top took place. But would it develop further. Beyond the top there is a potential reversal zone, and a divergence on the MACD formed. There was a descent to the area of the broken level 81463 and after standing there the price bounced up. But buying was scary against the divergence. And as you can see the fears were not in vain, the price simply got stuck near that level for several weeks. But in the end the price fell amid an alleged Binance hack and the withdrawal of some billions. We can reach the 161.8 level.