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 order upwards. 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 prices rose from the very lows they reached the area of the horizontal resistance level 65960. They went slightly beyond it, which is understood to be an error margin of the higher level. 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 divergence - a strong sell signal. Relying on the 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 areas are very strong, so at that time there was a contradiction. I considered 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. However, it has a habit of moving sideways for a very long time with wide swings. You can sit in longs for more than a month while it breaks out into a new distinct upward move. But it was clear 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. Meanwhile, a bullish divergence formed on the MACD indicator, a very worthy 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 margin of error) and tried to rise. For a very long time the price traded in ranges below, for several weeks, hesitant to develop the rally that was clearly brewing. In the end the price shot up quite significantly over several days, then pulled back somewhat and got stuck solidly. I expected the price to try to renew the 82008 level. And as can be seen the rise was considerable, the breakout above the top occurred. The question is whether it will develop further. There is a potential reversal zone above the top, and a divergence has formed on the MACD. There was a drop into the area of the broken 82008 level and here the question arises. There seems to be a bounce, but it's scary to buy against the divergence... Out of the market. News to note today: 15:30 - Number of initial claims for unemployment benefits in the US. 16:45 - US manufacturing sector Purchasing Managers' Index (PMI).