FX.co ★ #Bitcoin chart analysis

The D1 chart period - Trading instrument Bitcoin. The wave structure is forming a downward pattern, with the MACD indicator in the oversold zone. In January and February, the price sharply dropped and then moved sideways near the previous lows. A key resistance level at 72368 has formed, with the price staying below it. As long as the price remains below this level, there is an increased probability of further decline, especially given the situation with Iran and statements from the American president. As soon as he speaks, a three thousand drop will likely follow. Currently, there seems to be an attempt to push the price up again, possibly due to buyers accumulating who are used to always buying and holding. Once they reach a critical mass, they might push the price down again, easily down to fifty thousand. Increasing the chances of an uptrend would require a firm price close above the key resistance level at 72368, potentially leading to a pull towards 83858. Or perhaps it's just a false price spike slightly above 72386, as seen in early March. Buyers rejoiced, the price started rising, only to be stopped and pushed back down immediately. It's an uncertain situation, so it might be best to trade within the day on short distances. There is currently no clear direction, just a consolidation zone forming. Now, a price of 120000 can only be dreamed of; in reality, such a price may not happen for several years. But eventually, there will probably be a new all-time high. Although it's just speculation, history has shown this pattern several times - a pullback followed by an upward movement. Right now, many people are probably expecting the same thing: a rise towards 150 thousand. While this is possible, it may not happen as quickly as they expect; it will take time, month after month. When everyone's patience runs out, and people start exiting positions with minimal profits, true growth will begin. Recently, the price managed to stay above the 73350 level, but this consolidation was questionable. The price didn't hold firmly there and didn't break through with momentum. Moreover, the CCI indicator was about to exit the overbought zone downwards, showing bearish divergence. It seems like a trap for buyers, with liquidity being taken above the peak. In my opinion, the likelihood currently favors a downward pressure.

H1 Chart. The wave structure is forming a downward pattern, with the MACD indicator in the oversold zone and below its signal line. There was recently a breakthrough of the ascending line and the horizontal level of 69530, with the price testing it from below. Considering the signals from the daily chart, it's a pretty good place to sell.