FX.co ★ #Bitcoin chart analysis

Trading instrument Bitcoin - D1 chart. The trend here can be described as neutral at the moment. The wave structure is developing upward. The MACD indicator is in the upper buying zone above its signal line. Earlier a very uncertain 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 exceeded it; it's clear that's within the margin of the higher-level. There was an opportunity for a decline here; the level, plus the CCI indicator, was ready to exit downward from the upper overbought zone. Furthermore, on this indicator you can see a bearish divergence - a strong sell signal. At the support level it was a notable 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; thus at that time a contradiction arose. I thought that the price might pause roughly at this level and a fight 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 wide swings. You can sit in long positions for months before it produces a new directional upward move. But you can see that 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. Meanwhile, a bullish divergence formed on the MACD indicator, a very decent signal for a rise. Additionally, as confirmation there was a reversal pattern — a descending wedge. From below a mirror level of 60752 was formed; the price tested its area from above taking into account the margin and attempted to rise. For a long time the price moved in ranges at the bottom, several weeks, not daring to develop the growth that was clearly brewing. In the end it shot up quite a bit in a few days, then retraced down a bit and got stuck solidly. I expected the price would seek to retest the level 81463. And as you can see, a decent rise occurred, the breakout above the top took place. Only it's unclear whether it will develop further. There is a potential reversal zone beyond the top, and a divergence on the MACD formed. A drop occurred into the area of the broken level 81463 and after standing there the price bounced up. But buying was scary against the divergence. And as you can see, the concerns were not in vain, the price just got stuck near that level for several weeks. But in the end the price fell against the backdrop of an alleged Binance hack and the alleged withdrawal of some billions. They initially fell just a little short of the Fibonacci 161.8 level and then tested the broken level 80057 from below, from which there was strong selling. I think the price won't go further down; now they may pull the price up, luring sellers into a trap. The three-wave corrective model has been worked down.