After yesterday's correction, bitcoin found significant support at $5'400.
Actual support/resistance: $5'400/$5'460
After yesterday's correction, bitcoin found significant support at $5'400. To hope for a renewed upward momentum, it is critical that the price continues to consolidate at the current level for some time. Otherwise, with smaller volumes, it is likely that the price will return to the $5'200-$5'300 region. The altcoin market (the market without bitcoin) has suffered from the significant movements of bitcoin in recent days. Indeed, the bitcoin dominance has increased from 50 to 55%. Altcoins usually perform better when bitcoin is stable.
In terms of technical indicators, we are still above the 20-days moving average and the MACD lines indicate a downward trend.
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