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

Trading instrument Bitcoin - chart D1. The overall trend here can be said to be neutral. The wave structure builds its order upwards. The MACD indicator is in the upper buying zone above its signal line. Earlier a very contentious situation developed. The price was squeezed between levels. When earlier they rose from the lows they reached the area of the horizontal resistance level 65960. They poked a little above it, understandably this is the margin of error 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 this indicator you can see a bearish divergence - 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 63438 below. This is a mirror level at the edge of the decline and, as is known, such places are very strong, so at that time a contradiction arose. I thought that 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 amplitude. You can be sitting in long positions for more than a month while it readies a new directed upward move. But it was clear 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 a bullish divergence formed on the MACD indicator, a very decent signal for growth. In addition, as confirmation there was a falling wedge reversal pattern. A mirror level 60752 was formed below, the price tested its area from above taking into account the margin of error and tried to rise. For a long time the price moved in ranges below for several weeks, not daring to develop the growth that was clearly brewing. In the end it shot up quite a bit in a few days then pulled back somewhat and got stuck. I expected the price to strive to renew the level 82008. And as can be seen a decent rise occurred, the breakout above the top took place. Only will there be development. Above the top there is a potential reversal zone, and a divergence formed on the MACD. A descent occurred to the area of the broken level 82008 and here the question arises. There seems to be a bounce, but it's scary to buy against the divergence... Out of the market. News worth noting today: 15-30 - Initial jobless claims in the US. 16-45 - US Manufacturing Purchasing Managers' Index (PMI).