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

Trading instrument Bitcoin - D1 chart. The trend here can be said to be neutral now. The wave structure is unfolding upward. The MACD indicator is in the upper buying 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 went slightly above it, understandably this is the tolerance of the higher timeframe level. There was an opportunity for a decline here, the level again, plus the CCI indicator was 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 the level provided a solid 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 places are very strong, so it was contradictory at that time. I thought that the price might 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 range. You can be long for months while it produces a new directional upward movement. But it was clear 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, on the MACD used a bullish divergence formed, a very solid signal for growth. In addition, as confirmation there was a reversal pattern — a descending wedge. A mirror level was formed below at 60752; the price tested its area from above (taking into account tolerance) and tried to rise. For a long time the price traded in ranges at the bottom, several weeks, not daring to develop the rise that was clearly brewing. In the end the price shot up significantly over several days, then retraced somewhat and got stuck deadlocked. I expected the price would try to renew the 81463 level. And as you can see a considerable rise occurred, the breakout above the top took place. But will there be follow-through? There is a potential reversal zone beyond the top, and a divergence on the MACD formed. A descent occurred into the area of the broken 81463 level and, after standing there, the price made a bounce upward. But it was scary to buy 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 ultimately the price fell against the backdrop of an alleged Binance hack and the siphoning off of some billions. They initially fell just short of the Fibonacci 161.8 level and tested from below the broken 80057 level from which they were heavily 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 to the downside.