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

Trading instrument Bitcoin - chart D1. The overall trend here can be called neutral. The wave structure is building its order upward. The MACD indicator is in the upper buy zone above its signal line. Earlier a very debatable situation had formed. The price was squeezed between levels. When earlier it rose from the very lows, it reached the area of the horizontal resistance level 65960. It poked slightly beyond it; clearly this was the margin of error of the higher-level. There was a possibility of a decline here; the level, and the CCI indicator was ready to move down from the upper overbought zone. Furthermore, on this indicator one can see a bearish convergence - a strong sell signal. On support at the level it was 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 spots are very strong; thus it created a contradiction at that time. 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 range. One can sit in longs for many months before it produces a new directed upward movement. But it was visible 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 indicator used a bullish divergence formed, a very decent signal for growth. Additionally, as confirmation there was a reversal pattern — a descending wedge. A mirror level 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 ranged below, for several weeks, not daring to develop the growth that was clearly brewing. In the end it flew up quite substantially over a few days, then pulled back somewhat downward and got stuck firmly. I expected that the price would aim to retest the level 82008. And as can be seen a considerable rise occurred, a breakout above the top took place. But will there be further development. There is a potential reversal zone beyond the top, and a divergence on MACD has formed. A drop occurred to the area of the broken 82008 level, and here the question is. There seems to be a bounce, but it's scary to buy against the divergence... News to note today: 17-00 - US Consumer Confidence Index from the CB and the Number of Job Openings in the US labor market (JOLTS) US.