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

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