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

Trading instrument Bitcoin - D1 chart. The trend here can now be called neutral. The wave structure is forming its order upwards. The MACD indicator is in the upper buy zone above its signal line. Earlier a very controversial 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. It slightly broke above it, which is understandable as the tolerance of the higher-level. There was an opportunity for a decline here; the level, together with the CCI indicator, was also ready to exit downward from the upper overbought zone. Moreover, on that indicator you can see a bearish convergence - a strong sell signal. On the support level it was a decent 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 at that time it resulted in a contradiction. I thought that the price might pause around this level and a battle between buyers and sellers would ensue. 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 be stuck in long positions for months until it breaks out into a new directed upward movement. But it was clear that the US dollar dominated the market overall and this tendency affected this instrument as well. As a result, the price was pushed below the low. Meanwhile, a bullish divergence formed on the MACD indicator used, a very worthy 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 tolerance into account) and tried to rise. For a very long time the price traded in ranges at the bottom for several weeks, not deciding to develop the growth that was clearly ripening. In the end, it shot up quite significantly over several days, then pulled back somewhat downward and got stuck firmly. I expected the price to strive to renew the level 81463. And as you can see, a considerable rise occurred, the breakout above the top took place. The question is whether it will continue. 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 made a bounce upwards. But it was scary to buy against the divergence. And as it turned out the fears were justified: the price simply got stuck near that level for several weeks. But in the end the price fell amid the alleged hacking of Binance and the siphoning off of some billions. It initially fell just short of the Fibonacci 161.8 level and then tested the broken level 80057 from below, from which it was heavily sold. I think the price will not go further down; now they may push the price up to lure sellers into a trap. The three-wave corrective model has played out downward.