FX.co ★ teagan.orn | #Bitcoin chart analysis

#Bitcoin / Bitcoin / BTCUSD. Good afternoon. Bitcoin this week tried to develop a bullish mood, but the bears are not letting that happen yet. As a result the pair continues to test the local support zone formed by the most recent lows, and cannot break it. So at the moment a rebound and rise scenario is visible, but this assumption is not enough to open long positions — it is preferable to wait for confirmation of the rebound. On the hourly chart the indicators are currently pointing south, but a sell signal here is not activated, and the lower indicators reacted to the update of the local low by forming bullish divergences. So in the short term a rally north to roughly 82500-600 is quite likely. On the 4-hour chart the indicators also look south, but here too the sell signal is not activated, and for activation a break of that same support zone with consolidation below is needed. Moreover, one of the lower indicators here already does not support the development of the bearish mood, hinting at a reversal. But these are all hints; to open long positions here it is preferable to wait for fuller confirmation from the technical side.