FX.co ★ #Bitcoin chart analysis

Trading instrument Bitcoin - D1 chart. The overall trend here can be described as neutral. The wave structure is building its move upward. The MACD indicator is in the upper buy zone above its signal line. Earlier a very ambiguous situation developed. The price was squeezed between levels. When it previously rose from the very lows it reached the area of the horizontal resistance level 65960. It moved slightly beyond it, which is understandable as the higher timeframe's tolerance. There was an opportunity for a decline here: the level, and the CCI indicator was ready to move down from the upper overbought zone. Moreover, you can see a bearish divergence on this indicator — a strong sell signal. On the support level it's 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 created a contradiction. I thought that the price might pause roughly at this level and a battle between buyers and sellers would unfold. Most likely in the long term Bitcoin will resume its growth. However, it has a habit of moving sideways for a very long time with a wide swing. You can be in buys for months before it produces a new directional upward move. 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, a very decent signal for growth. In addition, as confirmation there was a reversal pattern — a descending wedge. Below a mirror level of 60752 was formed; the price tested its area from above, considering tolerance, and tried to rise. For a very long time the price moved in ranges below , several weeks, not daring to develop the growth that was clearly brewing. In the end the price shot up quite significantly over several days, then pulled back somewhat and became stuck solidly. I expected that the price would aim to retest the 82008 level. And as can be seen, the rise was considerable; the breakout above the peak occurred. But will it continue developing? Behind the peak there is a potential reversal zone, and a divergence formed on the MACD. There was a drop to the area of the broken 82008 level and here's where the question arises. There seems to be a bounce, but it's scary to buy against the divergence... News to note today: 15-30 - Core Personal Consumption Expenditures Price Index in the US and US GDP.