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, thereby activating another sell signal. Approximate target for the move 81650-750 in the short term. But the lower indicators have started to draw bullish divergences hinting at a reversal. So after the current signal is worked out we are most likely to see a rise, but for now only within a pullback . Moreover the Bollinger channel here is gradually starting to widen, also hinting at the option of continuation of the impulse down. On the 4-hour chart the indicators still favor further decline, the Bollinger channel here also widens, which indicates the current downward impulse is not finished. However one of the lower indicators has already stopped supporting the bearish mood, hinting at a reversal. Therefore for now I am only watching for a local decline.