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

#Bitcoin / Bitcoin / BTCUSD. Good afternoon. Bitcoin tried to develop a bullish bias this week, but the bears so far are not letting it happen. As a result, the pair continues to test the local support zone formed by the recent lows, but cannot break it. So at this point a bounce and rise scenario is visible, but this assumption is insufficient to open long positions — it is preferable to wait for confirmation of the bounce. On the hourly chart the indicators are currently pointing down, but a sell signal is not activated here, and the lower indicators reacted to the update of the local minimum by forming bullish divergences. So in the short term a move to the upside to roughly 82500-600 is quite likely. On the 4-hour chart the indicators also point down, but here too a sell signal is not activated, and for activation a breakout of that same support zone with a close below is needed. Moreover, one of the lower indicators here no longer supports the development of the bearish bias, hinting at a reversal. But these are all hints — to open long positions here it is advisable to wait for more complete confirmation from the technical side.