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

#Bitcoin / Bitcoin / BTCUSD. Good afternoon. Bitcoin yesterday continued its move south, and today the bears still hold the initiative in their hands. On the hourly chart indicators remain in favor of further decline, the pair today tested the Bollinger middle band from below and began to bounce off it, thereby triggering another sell signal. Approximate target of 81650-750 in the short term. Meanwhile, the lower-panel indicators have started to form bullish divergences hinting at a reversal. So after the current signal plays out we will most likely see a rise, but for now only as a retracement . Moreover the Bollinger channel here is slowly starting to widen, also hinting at the possibility of a continuation of the downward impulse. On the 4-hour chart indicators also remain in favor of further decline, the Bollinger channel is widening here as well, which indicates the current downward impulse is not finished. But one of the lower-panel indicators has already stopped supporting the bearish bias, hinting at a reversal. Therefore for now I'm only looking at a local decline.