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

Trading instrument Bitcoin - D1 chart. The overall trend here can be called neutral. The wave structure builds its order 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 it previously rose from the very lows it reached the area of the horizontal resistance level 65960. It moved slightly beyond it, which is understandable as the higher timeframe's margin of error. A decline was possible here, the level plus the CCI indicator was ready to exit downwards from the upper overbought zone. In addition, a bearish convergence can be seen on this indicator - a strong sell signal. On the support at the level it was a decent signal. Some decline occurred, but at the same time there is a support level at 63438 from below. This is a mirror level at the edge of the decline and as is known such spots are very strong, so at that time there was a contradiction. I thought the price could 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 might be in long positions for months before it produces a new directional upward move. But it was evident that the US dollar was dominating the market overall 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. In addition, as confirmation there was a reversal pattern — a descending wedge. A flip level 60752 was formed below; the price tested its area from above taking into account tolerance and tried to rise. For several weeks the price traded in ranges down there, not daring to develop the growth that was clearly brewing. Ultimately the price shot up considerably over a few days, then retraced a bit and got stuck solidly. I expected the price would try to renew the 82008 level. And as can be seen a considerable rise occurred, the breakout above the top took place. But will there be further development. There is a potential reversal zone above the top, and a divergence on the MACD has formed. A drop occurred into the area of the broken 82008 level and here is the question. There seems to be a bounce, but it's scary to buy against the divergence... News to note today: 15-30 - Core Personal Consumption Expenditures price index in the US and US GDP.