FX.co ★ #Bitcoin chart analysis

Trading instrument Bitcoin - D1 chart. The overall trend here can be said to be neutral. The wave structure is building its order upwards. The MACD indicator is in the upper buy zone above its signal line. Earlier a very controversial 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 exceeded it, which is understandable as the senior level's tolerance. There was an opportunity for a decline here; the level again plus the CCI indicator was ready to exit downwards from the upper overbought zone. In addition, on this indicator you can see a bearish convergence - a strong sell signal. Supported by the level, a decent signal. Some decline occurred, but at the same time there is a support level at 63438 below. This is a mirror level on 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 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 has a habit of moving sideways for a very long time with wide swings. You can sit in long positions for more than a month while it produces a new directed upward movement. But it was clear 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, on the MACD used there formed a bullish divergence, a very decent signal for growth. In addition, as confirmation there was a reversal pattern, a falling wedge. Below a mirror level 60752 was formed, the price tested its area from above taking into account tolerance and tried to rise. For a very long time the price moved in ranges at the bottom, for several weeks, not daring to develop the growth that was clearly ripening. In the end it flew up quite strongly over several days, then pulled back a bit down and got stuck. I expected the price would strive to update the level 82008. And as can be seen the rise was significant, the breakout above the peak took place. Only the question is whether it will develop further. There is a potential reversal zone above the peak, and a divergence on the MACD formed. There was a descent to 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... Out of the market. News to note today: 15-30 - Initial jobless claims in the USA. 16-45 - United States manufacturing PMI.