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 building its order upwards. The MACD indicator is in the upper buy zone above its signal line. Earlier a very controversial situation developed. The price was squeezed between levels. When previously it rose from the very lows it reached the area of the horizontal resistance level 65960. It slightly exceeded it, which is obviously the margin of the higher level. A decline was possible here; the level, plus the CCI indicator was ready to exit downward from the upper overbought zone. In addition, you can see a bearish divergence on that indicator — 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 areas are very strong, so at the time there was a contradiction. I thought 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. It just has a habit of moving sideways for a very long time with a wide range. You can be in long positions for months until it finally produces a new directed upward movement. 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, a very solid signal for growth. In addition, as confirmation there was a reversal pattern — a falling wedge. A mirror level 60752 was formed below; the price tested its area from above, considering the margin of error, and attempted to rise. The price traded in ranges at the bottom for several weeks, hesitating to develop the growth that was clearly brewing. In the end it shot up considerably over several days, then pulled back somewhat and got stuck. I expected the price to aim to retest the level 81463. And as you can see a substantial rise occurred — a breakout above the top took place. Above the top there was a potential reversal zone, and a divergence formed on the MACD as well. It dropped to the area of the broken 81463 level and, after pausing, the price bounced up. But it was scary to buy against the divergence. And as can be seen, the concerns were not in vain: the price simply got stuck near that level for several weeks. But in the end the price fell amid an alleged Binance hack and the siphoning of some billions. We may reach the Fibonacci level 161.8. The September low is there as well. There was already an attempt, but it quickly backed off.