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 forming an upward pattern. The MACD indicator is in the upper buy zone above its signal line. Earlier a very controversial situation developed. Price was squeezed between levels. Earlier, when prices rose from the very lows, they reached the area of the horizontal resistance level 65960. They briefly went slightly above it; it's clear that this was an inaccuracy of the higher-level. 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. Furthermore on this indicator one can see a bearish divergence - 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 below at 63438. This is a mirror level at the edge of the decline and as is known such places are very strong, thus there was a contradiction at that time. I believed that the price might pause roughly 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 range. You may sit in longs for months while it finally starts a new upward trend. But it was clear 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 indicator being used, a very good 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 (allowing for error) and attempted to rise. For a very long time the price moved in ranges below, for several weeks, not daring to develop the growth that was clearly maturing. In the end it shot up quite significantly over a few days, then pulled back a bit and got stuck. I expected the price would attempt to retest the level 81463. And as can be seen a decent rise occurred; a breakout above the top took place. The question is whether it will develop further. Behind the top there is a potential reversal zone, and a divergence formed on the MACD as well. A descent occurred into the area of the broken level 81463 and after standing there the price rebounded upwards. But it was scary to buy against the divergence. And as can be seen the fears were not unfounded; the price simply got stuck near that level for several weeks. But as a result the price fell amid the alleged hack of Binance and the siphoning off of some billions. The price initially fell just short of the Fibonacci 161.8 level and tested the broken level 80057 from below, from which it was powerfully sold. I think the price will not go further down; now they may pull the price up, luring sellers into a trap. The three-wave corrective model has played out downwards.