FX.co ★ #Bitcoin chart analysis

#Bitcoin / Bitcoin / BTCUSD. Good afternoon. Bitcoin continued its move to the upside yesterday; the pair is approaching last week’s highs, and here I’m watching whether there will be a breakout or a rejection. Technically, on the hourly chart the indicators still favor further movement to the upside; the pair has already triggered the first buy signal today. In the near term I expect a small local correction, then a continuation of the rise, the next target is 87500 in the short term. Moreover, the Bollinger Bands are still widening here, which indicates a possible continuation of the upward impulse. On the 4-hour chart the indicators are also fully in favor of further movement to the upside, and the Bollinger Bands have started to widen here as well, which points to the likelihood of the current upward impulse developing, but on a medium-term horizon. For now I consider a local upward move, but there is a possibility it could develop into a larger rally toward the all-time highs.