FX.co ★ #Bitcoin chart analysis

Trading instrument Bitcoin - D1 chart. The trend here can now be called neutral. The wave structure is building upwards. The MACD indicator is in the upper buying zone above its signal line. Earlier a very controversial situation developed. The price was squeezed between levels. When previously rising from the very lows it reached the area of the horizontal resistance level 65960. It went slightly above it, which is understandably a margin of error of the higher-level. There was an opportunity for a decline here: the level, and also the CCI indicator, was ready to move down from the upper overbought zone. In addition, on that indicator you can see a bearish convergence - a strong sell signal. At the support level it was a notable signal. Some decline occurred, but at the same time there was a support level below at 63438. This is a mirror level on the edge of the decline and, as is known, such places are very strong; thus at that time it created 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. Only it has a habit of moving sideways for a very long time with a wide range. You can be long for months until it spawns a new directed upward movement. 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 indicator used — a very good signal for growth. Additionally, as confirmation there was a reversal pattern: a descending wedge. A mirror level of 60752 was formed below; the price tested its area from above accounting for tolerance and attempted to rise. For a long time the price traded range-bound at the bottom for several weeks, not daring to develop the growth that was clearly brewing. In the end the price flew up significantly in a few days, then pulled back somewhat and got stuck solidly. I expected the price would try to renew the 81463 level. And as can be seen, a considerable rise occurred; a breakout above the top took place. The question is whether it will develop further. There is a potential reversal zone beyond the top, and a divergence on the MACD formed as well. There was a descent to the area of the broken 81463 level, and after standing there the price made a bounce upwards. But it was risky to buy against the divergence. And as can be seen, the fears were not unfounded: the price just got stuck near that level for several weeks. But in the end the price fell amid the alleged hack of Binance and the siphoning of some billions. We could reach the 161.8 level.