Whilst a break below support is still a very real risk - there is clear bullish price divergence on the 4 hr chart as well as the daily chart. This would suggest that support will hold - at least for now...
On this 4 hr chart we can see the red line and green lines linking respective low points on the Bitcoin price and RSI. Whilst the price falls over these periods, the RSI is rising. The suggests that price momentum is transitioning from bearish to bullish.
This may provide reason not to dump everything right now, but not enough to be loading up on a large long position. I'll be waiting for a clear break of either support or resistance trendline before making a directional call with any strong conviction.
On this 4 hr chart we can see the red line and green lines linking respective low points on the Bitcoin price and RSI. Whilst the price falls over these periods, the RSI is rising. The suggests that price momentum is transitioning from bearish to bullish.
This may provide reason not to dump everything right now, but not enough to be loading up on a large long position. I'll be waiting for a clear break of either support or resistance trendline before making a directional call with any strong conviction.
However, as can be seen, the danger is not over and support is again under pressure - this time without any bullish divergence.