After rising above $5'600, bitcoin dropped quickly this morning to test the $5'400 support in less than an hour. After this fast correction, the price recovered above $5'450.
Actual support/resistance: $5'400/$5'500
After rising above $5'600, bitcoin dropped quickly this morning to test the $5'400 support in less than an hour. After this fast correction, the price recovered above $5'450.
With current volumes (+45% since yesterday), it is likely that the price will stabilize at this level. On the other hand, if the buying pressure decreases, a larger correction can be expected. In terms of technical indicators, the RSI(14) is in a more neutral region while the MACD lines converge indicating a change in momentum in the short term.
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