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

Trading instrument Bitcoin - chart D1. The trend here now can be called neutral. The wave structure is building its order upwards. The MACD indicator is in the upper buying zone above its signal line. Earlier a very controversial 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 broke slightly above it, which is, of course, the higher timeframe level's margin of error. 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. In addition, on this indicator you can see a bearish convergence - 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 at 63438 below. This is a mirror level at the edge of the decline and, as is known, such places are very strong, so it turned out to be a contradiction at that time. I thought that the price might pause at approximately 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 the habit of moving sideways for a very long time with a wide range. You can sit in long positions for more than a month while it gives way to a new directed upward movement. But it was clear 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 a bullish divergence formed on the MACD I was using, a very decent signal for growth. In addition, as confirmation there was a reversal formation — a descending wedge. A mirror level 60752 was formed below, the price tested its area from above taking into account the margin of error and tried to grow. For a very long time the price traded in ranges at the bottom , several weeks, not daring to develop the rise that was clearly maturing. In the end they shot up quite a bit over several days then pulled back a little and got stuck dead. I expected the price to strive to update the level 81463. And as can be seen a considerable rise occurred, the break above the top took place. The question was whether it would develop further. There is a potential reversal zone above the top, and a divergence on the MACD formed. There was a drop into the area of the broken level 81463 and after standing there the price bounced up. But it was scary to buy against the divergence. And as can be seen the fears were not in vain, the price simply got stuck near that level for several weeks. But in the end the price fell on the news of an alleged hack of Binance and the withdrawal of some billions. We can reach the 161.8 level.