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 upward. 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. When earlier prices rose from the very lows they reached the area of the horizontal resistance level 65960. They went slightly beyond it, which is understandable as an older-level error. There was an opportunity for a decline here, the level and the CCI indicator were ready to move down from the upper overbought zone. In addition, on this indicator you can see a bearish convergence - a strong sell signal. On support 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 places are very strong, so at that time it resulted in a contradiction. I believed that here the price could roughly pause at the 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 can sit in longs for more than a month while it launches a new directional upward move. But it was clear 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 used, a very decent signal for growth. In addition, 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 the margin of error and tried to rise. For a very long time the price traded in ranges at the bottom, several weeks, not daring to develop the growth that was clearly ripening. In the end we shot up quite a bit over several days then pulled back a bit and got stuck solidly. I expected that the price would strive to update the level 82008. And as you can see the rise was considerable, the breakout above the top occurred. Only will there be continuation. There is a potential reversal zone beyond the top, and a divergence on the 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'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 on the US labor market (JOLTS).