FX.co ★ #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 tested the middle Bollinger band from below today and began to bounce off it, thereby activating another sell signal. The approximate target for the move is 81650-750 in the short term. However the lower indicators have started to draw bullish divergences hinting at a reversal. So after the current signal is played 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 scenario of the impulse continuing down. On the 4-hour chart the indicators still favor further decline, the Bollinger channel is expanding here as well, which indicates that 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 watching for a local decline.