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

Trading instrument Bitcoin - chart D1. The trend here can be said to be neutral at the moment. The wave structure is building its order upwards. The MACD indicator is in the upper buying zone above its signal line. Previously a very contentious situation had 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. They went slightly beyond it, understandably this is the higher-level's margin of error. There was an opportunity for a decline here—the level, again, plus the CCI indicator was ready to exit down from the upper overbought zone. Moreover, on this indicator one can see a bearish convergence - a strong sell signal. On support it was 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, thus at that time it resulted in a contradiction. 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 wide swings. You can sit in long positions for more than a month while it develops a new directed upward movement. But it was apparent 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, on the MACD used there formed a bullish divergence, a very decent signal for growth. Additionally, as confirmation there was a reversal pattern - a descending wedge. Below a mirror level 60752 was formed, the price tested its area from above taking into account margin of 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 significantly over several days, then retraced somewhat downward and got stuck immovably. I expected the price would aim to retest the 81463 level. And as can be seen a sizable rise occurred, a breakout above the peak took place. But will it develop further. Behind the peak there is a potential reversal zone, and a divergence on the MACD has formed. A descent occurred into the area of the broken 81463 level and after standing there the price made a bounce upward. But buying was scary against the divergence. And as you can see the fears were not unfounded, the price simply got stuck near this level for several weeks. But in the end the price fell against the background of an alleged Binance hack and the theft of some billions. They initially fell just short of the Fibonacci 161.8 level and tested from below the broken 80057 level, from which a powerful sell-off occurred. I think the price will not go further; now they may pull the price up to lure sellers into a trap. The three-wave corrective model has worked out to the downside.