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 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 previously rising from the very lows they reached the area of the horizontal resistance level 65960. They slightly exceeded it, understandably this is the senior level's error margin. There was an opportunity for a decline here, the level again plus the CCI indicator was ready to exit down from the upper overbought zone. In addition, on this indicator you can see a bearish convergence - a strong sell signal. On support at the level 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 it resulted in a contradiction. I thought that the price could roughly pause here at the level and a struggle 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 sit in longs for more than a month while it delivers a new directed upward movement. But it was clear 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 used, a very decent signal for growth. In addition, as confirmation there was a reversal pattern — a falling 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 moved in ranges at the bottom , several weeks, not daring to develop the rise that was clearly ripening. In the end we flew up quite a bit over several days then pulled back a bit and got stuck deadlocked. I expected that the price would strive to renew the level 82008. And as can be seen the rise was considerable, a breakout above the peak occurred. Only will there be continuation. There behind the peak is a potential reversal zone, and a divergence on MACD formed. A drop occurred into the area of the broken level 82008 and here the question arises. There seems to be a rebound, but buying is scary against the divergence... Out of the market. News that can be noted today: 15-30 - Number of initial jobless claims in the US. 16-45 - US manufacturing Purchasing Managers' Index (PMI).