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 contentious situation developed. The price was squeezed between levels. When it previously rose from the lows it reached the area of the horizontal resistance level 65960. It slightly broke above it, which is clearly within the margin of the higher-level. There was an opportunity for a decline here — the level and the CCI indicator were ready to move down from the upper overbought zone. In addition, a bearish convergence can be seen on this indicator — a strong sell signal. At the support it was a solid 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 places are very strong, so at that time it resulted in a contradiction. I thought the price might pause around this level and a battle between buyers and sellers would unfold. Most likely, in the long term Bitcoin will resume its rise. Only it has the habit of moving sideways for a very long time with wide swings. You can sit in longs for more than a month before it finally produces a new directional upward move. 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. Plus, as confirmation there was a reversal pattern — a descending wedge. A mirror level at 60752 formed below; the price tested that area from above (considering tolerance) and tried to rise. The price ranged at the bottom for a very long time, several weeks, not daring to develop the growth that was clearly brewing. In the end the price shot up significantly over several days, then retraced somewhat and got stuck. I expected the price would try to retest the 81463 level. And as can be seen there was a considerable rise; a breakout above the peak occurred. But will it develop further? Right beyond the peak there is a potential reversal zone, and a divergence also formed on the MACD. There was a drop to the area of the broken 81463 level and after holding there the price bounced 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 this level for several weeks. But in the end the price fell amid the alleged Binance hack and the siphoning off of some billions. We could reach the 161.8 level.