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 controversial situation had formed. 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 slightly exceeded it, which of course is the error margin of the higher level. There was an opportunity for a decline here, the level again plus the CCI indicator was ready to exit down from the upper overbought zone. In addition, on this indicator one can see a bearish convergence - a strong sell signal. At the support level 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 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 at about this level and a struggle 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. One can be sitting in buys for more than a month while it gives birth to 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 on the MACD used a bullish divergence formed, a very 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 into account the margin and tried to grow. For a very long time the price ranged at the bottom for several weeks, not daring to develop the growth that was clearly ripening. In the end they shot up quite nicely in a few days then rolled back down a bit and got stuck dead. I expected that the price would strive to update the level 81463. And as can be seen the rise was considerable, the breakout above the top occurred. Only the question is whether it will develop further. Behind the top there is a potential reversal zone, and a divergence on the MACD formed. A drop occurred into the area of the broken level 81463 and after standing there the price made a bounce upward. But it was scary to buy against the divergence. And as you can see the fears were not unfounded, the price simply got stuck near that level for several weeks. But in the end the price fell against the backdrop of the alleged Binance hack and the withdrawal of some billions. They initially fell just short of the Fibonacci 161.8 level and made a test from below of the broken level 80057 from which they sold powerfully. I think the price will not go further, now they may pull the price up, luring sellers into a trap. The three-wave corrective model has played out to the downside.