BTC is holding well on that support (big orange line) since almost 8 days now and closed almost 9 days on that same support... Which make that support strong. However, last time Bitcoin closed on that support (2018-02-06), volume was huge. Now you can see on the chart that volume is weak and that another strong bounce from this support is unlikely.
So, This support will probably not hold and if we have a breakout, it will probably be powerful because of the strength of this support.
Also, because we have a support at 6k, we could bounce from that level but I don't expect this bounce to be strong since we already bounced from this area with huge volume and BTC looks really weak right now with no volume.
We can see on the 1h chart that we have a bear flag who is about to breakout and because price is currently on that big orange line support, BTC could break this support very soon. So let's see, it will be very interesting to watch.
Stay tuned for more updates,
Fred
So, This support will probably not hold and if we have a breakout, it will probably be powerful because of the strength of this support.
Also, because we have a support at 6k, we could bounce from that level but I don't expect this bounce to be strong since we already bounced from this area with huge volume and BTC looks really weak right now with no volume.
We can see on the 1h chart that we have a bear flag who is about to breakout and because price is currently on that big orange line support, BTC could break this support very soon. So let's see, it will be very interesting to watch.
Stay tuned for more updates,
Fred
