FX.co ★ #Bitcoin chart analysis

Trading instrument Bitcoin - D1 chart. The trend here can now 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 contentious 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 slightly broke above it, it is clear that this is the higher-timeframe margin of error. There was an opportunity for a decline here; the level itself plus the CCI indicator were ready to move down from the upper overbought zone. In addition, a bearish convergence formed on that indicator — a strong sell signal. On support it was a decent signal. Some decline occurred, but at the same time there is 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 there was a contradiction. I thought that the price could roughly pause at 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 a habit of moving sideways for a very long time with a wide range. One can be in long positions for months until it spawns a new directional upward move. But it was clear 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, a bullish divergence formed on the MACD indicator being used, a very good signal for growth. In addition, as confirmation there was a reversal pattern — a descending wedge. A mirror level at 60752 was formed below; the price tested its area from above (accounting for margin of error) and tried to rise. For a very long time the price moved in ranges below, for several weeks, not deciding to develop the growth that was clearly brewing. Ultimately, it shot up quite a bit in a few days, then retraced a bit downward and got stuck solidly. I expected the price would aim to refresh the level 81463. And as can be seen, a significant rise occurred, the breakout above the top took place. But will there be follow-through. Just beyond the top there is a potential reversal zone, and a divergence formed on the MACD. A drop occurred into the area of the broken level 81463 and, after standing there, the price bounced upwards. But it was scary to buy against the divergence. And as can be seen, the worries were not unfounded — the price simply stalled near that level for several weeks. But in the end the price fell amid the alleged Binance hack and the siphoning of some billions. They initially fell just short of the Fibonacci 161.8 level and then the price tested the broken level 80057 from below, from which it was heavily sold off. I think the price won't go further; now they may pull the price up, luring sellers into a trap. The three-wave corrective model has played out downward.