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

Trading instrument Bitcoin - chart D1. The overall trend here can be called neutral. The wave structure builds its order upwards. The MACD indicator is in the upper buying zone above its signal line. Earlier a very contentious 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 slightly broke above it, which is clearly the margin of error of the higher-level. For a decline there was an opportunity, the level again plus the CCI indicator was ready to exit downward from the upper overbought zone. In addition, a bearish convergence can be seen on this indicator - a strong sell signal. On the support at the 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, thus at that time there was a contradiction. I thought that the price might pause around the level and a struggle between buyers and sellers would unfold. Most likely in the long term Bitcoin will resume its rise. But it has a habit of moving sideways for a very long time with wide swings. You can be in long positions for months until it eventually produces a new directional upward movement. But it was clear 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, a very decent signal for growth. In addition, as confirmation there was a reversal pattern: a descending wedge. A mirror level at 60752 formed below; the price tested its area from above, taking into account the margin of error, and tried to rise. The price traded in ranges down there for a long time, several weeks, not daring to develop the growth that was clearly looming. Eventually it shot up quite strongly over a few days, then pulled back somewhat down and got stuck solidly. I expected that the price would strive to retest the level 82008. And as you can see, a decent rise occurred, the breakout above the top took place. But the question is, will it develop further. There is a potential reversal zone beyond the top, and a divergence formed on the MACD. I assume a repeat descent to the area of the broken level 82008, and only from it can new buys be considered. There is also roughly an ascending trendline passing there. If the price nonetheless manages to press through these obstacles, then the development of a decline will become possible.