FX.co ★ #Bitcoin chart analysis

Trading instrument Bitcoin - D1 chart. The trend here can now be called neutral. The wave structure is building its sequence upward. The MACD indicator is in the upper buy zone above its signal line. Previously a very questionable 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's clear that this was a tolerance of the higher-level. There was an opportunity for a decline here, the level, plus the CCI indicator was ready to move down from the upper overbought zone. Moreover, on this indicator one can see a bearish divergence - a strong sell signal. At the support level, this was a decent 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, thus at that time there was a contradiction. I thought that the price might 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. However, it tends to trade sideways for a very long time with wide swings. You can sit in longs for more than a month while it finally starts a new directed upward move. But the US dollar was dominating 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 tolerance into account) and tried to rise. For a very long time the price moved in ranges at the bottom, for several weeks, not daring to develop the growth that was clearly brewing. Eventually it shot up quite significantly over several days, then pulled back a bit and got firmly stuck. I expected the price to strive to renew the 81463 level. And as can be seen, a considerable rise occurred; a breakout above the peak took place. But will it develop further. There is a potential reversal zone beyond the peak, and a divergence formed on the MACD. A descent occurred towards the broken level 81463 and after standing there the price made a rebound upward. But it was scary to buy against the divergence. And as can be seen, the concerns were not unfounded; the price simply got stuck near this level for several weeks. But in the end the price fell against the backdrop of an alleged Binance hack and the siphoning off of billions. The price initially fell just short of the Fibonacci 161.8 level and then tested from below the broken level 80057, from which it was heavily sold. I think the price will not go further; now they may pull the price up, luring sellers into a trap. The three-wave corrective model has been completed to the downside.