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 buying zone above its signal line. Earlier a very controversial situation developed. The price was squeezed between levels. When previously rising from the very lows it reached the area of the horizontal resistance level 65960. It slightly broke above it, understandably this is the tolerance of the higher level. 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 that indicator you can see a bearish convergence - 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 63438 below. This is a mirror level at the edge of the decline and as is known such places are very strong, thus it turned out to be a contradiction at that time. I thought that the price could roughly pause at that 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 swing. You can stay long in buys for more than one month while it gives birth to a new directional upward move. But it was visible that the US dollar dominated 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. In addition, as confirmation there was a reversal formation - a falling wedge. Below a mirror level 60752 was formed, the price tested its area from above taking into account tolerance and tried to grow. For a very long time the price moved in ranges below, for several weeks, not daring to develop the growth that was clearly brewing. In the end it flew up quite considerably over a few days then retraced down a bit and got stuck dead. I expected that the price would strive to update the level 81463. And as you can see the rise was considerable, the breakout above the peak took place. Only the question is whether there will be continuation. There is a potential reversal zone beyond the peak, and a divergence on the MACD also formed. A drop occurred to the area of the broken level 81463 and after standing there the price made a bounce up. But it was scary to buy against the divergence. And as you can see the fears were not in vain, the price simply became stuck near that level for several weeks. But in the end the price fell in the context of an alleged Binance hack and the siphoning of some billions. We can reach the 161.8 level.