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When everyone was thinking we are going up, even Ethereum had crossed over $400 again, came an ugly red candle of around $500 drop in just 4 hours. The candle was followed by high volume, which is not a positive sign.
Looks like the support level of $6600 zone will be tested again for the fourth time in 10 days. Will it hold? the next hours will tell. Breaking down the important $6,500 – $6,600 level and we will likely see Bitcoin testing the the low of Feb.6 at $5,900 – $6,000.
From the bear side, getting supported again on $6,600 and consultation before going back up to test the $7,000 MA-50 resistance level and then back to resistance level $7,350 level would be next to be tested again.
BTC/USD BitFinex 4 Hours chart
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