FX.co ★ #Bitcoin chart analysis

Trading instrument Bitcoin - chart D1. The overall trend here can be called neutral. The wave structure is building its order upward. The MACD indicator is in the upper buying zone above its signal line. Earlier a very ambiguous situation had formed. Price was squeezed between levels. When earlier it rose from the lows it reached the area of the horizontal resistance level 65960. It went slightly beyond it, obviously this is the margin of the higher-level. There was an opportunity for a decline here; the level combined with the CCI indicator was ready to move down from the upper overbought zone. Moreover, on this indicator you can see a bearish convergence - a strong sell signal. On the support 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 a contradiction arose. 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 a wide range. You can be in long positions for more than a month while it finally produces a new directional 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 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 at 60752 was formed; the price tested its area from above, considering the margin of error, and tried to rise. For a very long time the price moved in ranges below for several weeks, not daring to develop the growth that was clearly brewing. Ultimately, it shot up significantly over a few days, then retraced somewhat downward and got stuck solidly. I expected that the price would try to retest the level 82008. And as you can see, the rise was substantial; the breakout above the top occurred. Only the question is whether it will develop further. There is a potential reversal zone beyond the top, and a divergence formed on the MACD. There was a drop to the area of the broken level 82008 and here is the question. 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 USA. 16-45 - USA Manufacturing Purchasing Managers' Index (PMI).