FX.co ★ #Bitcoin chart analysis

Trading instrument Bitcoin - D1 chart. The overall trend here can be described as neutral. The wave structure is developing upwards. 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 earlier prices rose from the very lows they reached the area of the horizontal resistance level 65960. They went slightly beyond it; it's clear that this was the higher-level margin. There was a possibility for a decline here — the level, and the CCI indicator was ready to exit downward from the upper overbought zone. Moreover, on this indicator you can see a bearish convergence — a strong sell signal. At the support level it was a decent signal. Some decline occurred, but at the same time there was 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 believed that the price might pause roughly at this level and a struggle between buyers and sellers would unfold. Most likely in the long term Bitcoin will resume its growth. Only it tends to trade sideways for a very long time with a wide swing. You can sit in long positions for more than a month while it produces a new directional upward movement. But it was evident 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, a bullish divergence formed on the MACD indicator, a very solid signal for growth. In addition, as confirmation there was a reversal pattern — a descending wedge. A mirror level at 60752 was formed below; the price tested its area from above (considering tolerance) and attempted to rise. For a very long time the price ranged at the bottom, for several weeks, not daring to develop the growth that was clearly brewing. In the end it shot up quite a bit in a few days, then pulled back somewhat and got stuck solidly. I expected that the price would aim to refresh the level 82008. And as you can see, a considerable rise occurred; the breakout above the top took place. But will it continue to develop? 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 82008 level, and here's where the question is. There seems to be a bounce, 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.