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 middle Bollinger band from below and began to bounce off it, thereby triggering another sell signal. Approximate target for the move 81650-750 in the short term. However, the subpanel indicators have started to show bullish divergences hinting at a reversal. So after the current signal plays out we'll most likely see a rise, but for now only as a retracement . Moreover, the Bollinger channel here is gradually beginning to widen, also suggesting a continuation of the downward impulse. On the 4-hour chart the indicators still remain in favor of further decline, the Bollinger channel is also widening here, which indicates the current downward impulse is not finished. However, one of the subpanel indicators has already stopped supporting the bearish bias, hinting at a reversal. Therefore, for now I'm only watching for a local decline.