FX.co ★ #Bitcoin chart analysis

Trading instrument Bitcoin - D1 chart. The trend here can now be called neutral. The wave structure is building its order upwards. The MACD indicator is in the upper buy zone above its signal line. Earlier a very ambiguous situation developed. The price was squeezed between levels. When it earlier rose from the very lows it reached the area of the horizontal resistance level 65960. It slightly broke above it, which is understood to be higher timeframe noise. There was a possibility for a decline here: the level again, plus the CCI indicator was ready to move down from the upper overbought zone. Moreover, on this 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 from below at 63438. This is a mirror level on 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 fight between buyers and sellers would unfold. Most likely, in the long term Bitcoin will resume its growth. Only it has the habit of moving sideways for a very long time with a wide range. You can sit in longs for more than one month while it finally produces a new directional upward move. But it was evident that the US dollar dominated the market overall and this trend affected this instrument as well. As a result, they pushed the price 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 at 60752 was formed below; the price tested its area from above accounting for noise and tried to rise. For a very long time the price ranged at the bottom, several weeks, not daring to develop the growth that was clearly maturing. In the end it shot up quite considerably in a few days, then pulled back a bit and got stuck completely. I expected the price would strive to retake the level 81463. And as can be seen, the rise was considerable; the breakout above the top occurred. Only the question is whether it would develop further. There is a potential reversal zone above the top, and a divergence formed on the MACD. A drop occurred into the area of the broken level 81463 and after standing there the price bounced up. But it was scary to buy against the divergence. And as you can see, the fears were not groundless: the price simply got stuck near that level for several weeks. But in the end the price fell amid the alleged Binance hack and the theft of some billions. We could reach the 161.8 level.