FX.co ★ #Bitcoin chart analysis

#Bitcoin / Bitcoin / BTCUSD. Good afternoon. Bitcoin continued its move lower yesterday, and today the bears still hold the initiative in their hands. On the hourly chart, indicators remain in favor of further decline, the pair today tested the Bollinger middle 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 lower indicators have started to draw bullish divergences hinting at a reversal. So after the current signal is worked off we'll most likely see a rise, but for now only as a pullback . Moreover, the Bollinger channel here is gradually starting to widen, also hinting at the option of a continued impulse downward. On the 4-hour chart, indicators also remain in favor of further decline, the Bollinger channel is widening here too, which indicates the current downward impulse is not finished. But one of the lower indicators has already stopped supporting the bearish mood, hinting at a reversal. Therefore for now I'm only looking at a local decline.