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

Trading instrument Bitcoin - D1 chart. The overall trend here can 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 previously they rose from the very lows they reached the area of the horizontal resistance level 65960. They slightly pierced it, which is understandable as the higher-timeframe level's tolerance. There was the possibility of a decline here; the level plus the CCI indicator were ready to move down from the upper overbought zone. In addition, this indicator shows a bearish convergence - a strong sell signal. On the support at the level it was a solid 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 this created a contradiction at that time. I thought that the price might pause around this level and a battle between buyers and sellers would ensue. Most likely in the long term Bitcoin will resume its growth. However, it has a habit of moving sideways for a very long time with wide swings. You could remain long for months while it meanders before initiating a new upward directional move. But it was apparent that the US dollar dominated 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. Additionally, confirming this was a reversal pattern: a descending wedge. A mirror level at 60752 was formed below; the price tested its area from above (taking into account tolerance) and tried to rise. For a very long time the price moved in ranges at the bottom, for several weeks, not daring to develop the growth that was clearly brewing. Ultimately, they shot up significantly over several days, then pulled back a bit and became stuck. I expected the price would aim to retest the 82008 level. And as can be seen, there was a considerable rise; a breakout above the top occurred. The question is whether it will continue developing. There is a potential reversal zone above the top, and a divergence has formed on the MACD. There was a drop into the area of the broken 82008 level and here's the question. There seems to be a rebound, but it's scary to buy against the divergence... News to note today: 15:30 - Core Personal Consumption Expenditures Price Index in the USA and US GDP.