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

#Bitcoin / Bitcoin / BTCUSD. Good day. Bitcoin this week tried to develop a bullish bias, but the bears are not letting that happen yet. As a result the pair continues testing a local support zone formed by the recent lows, and cannot break it. So at the moment a rebound and rise is a possible scenario, but that's not enough to open long positions, it's preferable to wait for confirmation of the bounce. On the hourly chart the indicators are currently pointing downward, 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 move to the upside to roughly 82500-600 is quite likely. On the 4-hour chart the indicators also point downward, but here too a sell signal is not activated, and to activate it a breakout of that same support zone with a close below is needed. Moreover one of the lower indicators here already does not support the development of the bearish bias, hinting at a reversal. But these are all hints; to open long positions here it's preferable to wait for more complete confirmation from the technical side.