Bitcoin has not dropped below $5'000 and the community has never been so bullish for two days.
Actual support/resistance: $5'100/$5'200
The price dropped below $5'100 yesterday to test the psychological and critical level of $5'000. Despite the low volumes, bitcoin quickly recovered and went back above $5'100 (a level that has been tested again unsuccessfully a few hours later).
It is likely that bitcoin will continue to be traded sideways for a few days. A strong buying pressure is required to climb above $5'200 while the $5'000 and $5'100 support levels are strong.
The technical indicators are still neutral and the price is below the 20-day moving average.
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