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 buying zone above its signal line. Earlier a very controversial situation developed. The price was squeezed between levels. When earlier they rose from the very lows they reached the area of the horizontal resistance level 65960. They went slightly above it, which is obviously the inaccuracy of the higher timeframe level. There was an opportunity for a decline here, the level again plus the CCI indicator was ready to move down out of the upper overbought zone. Moreover, on that indicator you can see a bearish convergence - a strong sell signal. At the support level it was a decent signal. Some decline occurred, but at the same time there is a support level below at 63438. It is a mirror level at the edge of the decline and, as is known, such places are very strong, so at that time it resulted in a contradiction. I thought that the price might pause around this level and a struggle between buyers and sellers would ensue. 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 might be in long positions for more than a month before it produces a new directed upward move. 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 indicator, a very decent signal for growth. Plus, as confirmation there was a reversal pattern — a descending wedge. A mirror level 60752 was formed below; the price tested its area from above (considering margin of error) and tried to rise. For a long time the price traded in ranges at the bottom, several weeks, not daring to develop the growth that was clearly brewing. Ultimately it shot up quite a bit in a few days, then pulled back somewhat and got stuck. I expected the price would try to renew the level 81463. And as can be seen, there was a decent rise; the breakout above the high occurred. The only question is whether it will develop further. There is a potential reversal zone beyond the top, and a divergence formed on the MACD. A drop occurred into the area of the broken level 81463 and after staying there the price bounced upward. But it was scary to buy against the divergence. And as you can see, 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 Binance hack and the withdrawal of some billions. We could reach the 161.8 level.