FX.co ★ #Bitcoin chart analysis

Trading instrument Bitcoin - D1 chart. The overall tendency here can be called neutral. The wave structure is unfolding upward. The MACD indicator is in the upper buy zone above its signal line. Earlier a very disputable situation developed. The price was squeezed between levels. When it previously rose from the very lows it reached the area of the horizontal resistance level 65960. It slightly broke above it, which is of course noise of the higher timeframe. There was an opportunity for a decline here, the level and the CCI indicator were also ready to move down from the upper overbought zone. In addition, on that indicator you can see a bearish convergence - a strong sell signal. Based on the support level 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 drop and, as is known, such places are very strong, so at that time it resulted in a contradiction. I thought that the price could pause roughly at that level and a battle between buyers and sellers would unfold. Most likely in the long term Bitcoin will resume its rise. Only it has a habit of moving sideways for a very long time with a wide range. You can sit in longs for more than a month while it produces a new directional upward movement. But you can see 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 fairly decent signal for growth. In addition, as confirmation there was a reversal pattern, a falling wedge. A mirror level 60752 was formed below, the price tested its area from above taking account of noise and tried to rise. The price ranged at the bottom for a very long time, several weeks, not daring to develop the rise that was clearly brewing. Ultimately they shot up quite a bit over several days, then pulled back a little and got stuck dead. I expected the price would aim to renew the 82008 level. And as you can see a considerable rise occurred, the breakout above the peak took place. The question is whether it will develop further. Beyond the peak there is a potential reversal zone, and a divergence on the MACD formed. I expect a repeated decline into the area of the broken 82008 level and only from it can new buys be considered. There is also roughly an ascending trendline running there. If the price still manages to push through these obstacles, then further decline will become possible.