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

Trading instrument Bitcoin - D1 chart. The trend here can be called neutral at the moment. The wave structure is developing upwards. The MACD indicator is in the upper buying zone above its signal line. Earlier a very contentious situation formed. The price was squeezed between levels. When earlier they rose from the very lows they reached the area of the horizontal resistance level 65960. They went slightly above it, which is understood as the margin of the higher-level. There was an opportunity for a decline here, the level again plus the CCI indicator was ready to exit down from the upper overbought zone. In addition, on this indicator you can see a bearish divergence - a strong sell signal. At the support level 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 drop and, as is known, such places are very strong, so at that time a contradiction resulted. I thought that the price could pause around 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 a habit of moving sideways for a very long time with a wide amplitude. You can be sitting in longs for more than a month while it prepares a new directed 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 60752 was formed below, the price tested its area from above taking into account the margin and tried to rise. The price traded in ranges below for a very long time, several weeks, not daring to develop the growth that was clearly maturing. In the end they flew up quite sharply over a few days then pulled back a bit and got stuck solidly. I expected the price to aim to update the level 81463. And as can be seen a decent rise occurred, a breakout above the top took place. Only will there be continuation. There is a potential reversal zone above the top, and a divergence on the MACD 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 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 background of an alleged Binance hack and the withdrawal of some billions. They initially fell just short of the Fibonacci 161.8 level and tested the broken level 80057 from below, from which they sold off powerfully. I think the price will not go further down, now they may pull the price up luring sellers into a trap. The three-wave corrective model worked out to the downside.