FX.co ★ teagan.orn | #Bitcoin chart analysis

Trading instrument Bitcoin - D1 chart. The overall trend here can be described as 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 contentious situation developed. The price was squeezed between levels. Earlier, when they rose from the very lows, they reached the area of the horizontal resistance level 65960. They moved slightly above it; it is clear that this 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 downward from the upper overbought zone. In addition, on that indicator you can see a bearish divergence - a strong sell signal. Relying on the 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; thus a contradiction emerged at that time. I thought that the price might roughly pause at the level and a fight between buyers and sellers would unfold. Most likely in the long term Bitcoin will resume its growth. Only it has a habit of trading sideways for a very long time with a wide amplitude. You can sit in longs for more than one month while it produces a new directed upward movement. But it was clear 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 on the MACD used a bullish divergence formed, a very worthy signal for growth. In addition, as confirmation there was a reversal pattern — a descending wedge. From below a mirror level 60752 was formed, the price tested its area from above taking into account the error margin and tried to rise. For a very long time the price moved in ranges below, for several weeks, not daring to develop the growth that was clearly maturing. In the end they flew up quite significantly over several days, then retraced a bit downward and got stuck solidly. I expected that the price would aim to renew the level 82008. And as you can see a decent rise occurred, the breakout above the peak took place. Only will there be development. There is a potential reversal zone beyond the peak, and a divergence on MACD formed. A drop occurred to the area of the broken level 82008 and here is the question. There seems to be a rebound, but it is scary to buy against the divergence... News that can be noted today: 15:30 - Core Personal Consumption Expenditures Price Index in the USA and US GDP.