FX.co ★ #Bitcoin chart analysis

Trading instrument Bitcoin - D1 chart. The trend here can be called neutral at the moment. The wave structure is building its order upwards. The MACD indicator is in the upper buy zone above its signal line. Earlier a very controversial situation developed. 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 slightly exceeded it, which is obviously 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 downward 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 respectable 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 it turned into a contradiction. I thought that the price might pause at about 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. You can be holding longs for more than a month while it produces a new decisive upward move. But it was clear 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 a bullish divergence formed on the MACD used, a very solid 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 accounting for margin and tried to rise. For a long time the price traded in ranges at the bottom, for several weeks, not daring to develop the rise that was clearly maturing. In the end they shot up quite significantly over a few days, then pulled back a bit and got stuck hard. I expected the price would strive to update the 81463 level. And as can be seen a decent rise occurred, the breakout above the top took place. Only will it develop further. There is a potential reversal zone beyond the top, and a divergence formed on the MACD. There was a drop into the area of the broken 81463 level and after standing there the price bounced up. But it was scary to buy against the divergence. And as you can see the fears were not in vain, the price simply got stuck near that level for several weeks. But in the end the price fell amid the alleged Binance hack and the siphoning off of some billions. Initially they fell just short of the Fibonacci 161.8 level and tested the broken 80057 level from below, from which they sold heavily. I think the price will not go further down; now they can pull the price up to lure sellers into a trap. The three-wave corrective model has played out to the downside.