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 the indicators remain in favor of further decline, the pair today tested the Bollinger middle band from below and began to bounce off, thereby triggering another sell signal. Approximate target of the move 81650-750 in the short term. Meanwhile the lower indicators have started to form bullish divergences hinting at a reversal. So after the current signal is worked 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 a scenario of the impulse continuing downward. On the 4 hour chart the indicators still favor further decline, the Bollinger channel is widening here too, which indicates the current downward impulse is not finished. However 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.