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

#Bitcoin / Bitcoin / BTCUSD. Good afternoon. Bitcoin this week tried to build a bullish bias, but the bears are not letting that happen yet. As a result the pair continues to test the local support zone formed by the recent lows and cannot break it. So at the moment a bounce and rally scenario is visible, but this assumption is not enough to open long positions; it is preferable to wait for confirmation of the bounce. On the hourly chart the indicators are currently pointing south, but a sell signal here is not activated, and the lower-level indicators reacted to the update of the local low by forming bullish divergences. Therefore in the short term a move higher to roughly 82,500–82,600 is quite likely. On the 4-hour chart the indicators also point south, but here too a sell signal is not activated, and activation would require a breakout of that same support zone with a close below. Moreover one of the lower-level indicators here already does not support the development of a bearish bias, 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 picture.