FX.co ★ #Bitcoin chart analysis

Trading instrument Bitcoin - D1 chart. The overall trend here can be described as neutral. The wave structure is developing 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 it rose from the very lows it reached the area of the horizontal resistance level 65960. It slightly went above it, understandably this is a higher-level inaccuracy. There was an opportunity for a decline here: the level, plus the CCI indicator was ready to exit downward from the upper overbought zone. In addition, on this indicator you can see a bearish convergence - a strong sell signal. On support at that 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 places are very strong, thus at that time it resulted in a contradiction. I thought that the price could pause roughly at this level and a battle between buyers and sellers would unfold. Most likely in the long term Bitcoin will resume its rise. Only it has a habit of moving sideways for a very long time with wide swings. You can sit in buys for months until it gives birth to 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 good 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 inaccuracy and tried to rise. For a long time the price traded in ranges at the bottom for several weeks, not daring to develop the growth that was clearly maturing. In the end it shot up quite considerably over a few days, then pulled back somewhat and got stuck deadlocked. I expected the price would try to retest the level 82008. And as you can see a significant rise occurred; a breakout above the top took place. But will there be continuation. There is a potential reversal zone beyond the top, and a divergence on the MACD has formed. A descent occurred into the area of the broken level 82008 and now 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 - US Core Personal Consumption Expenditures Price Index and US GDP.