BITCOIN SHORT BOUNCE OR REVERSAL
After the hammer looking candle, follow by yesterday bullish candle with new high and lower low, plus the big volume to confirm, the bulls are finally in actions. Over the next 1-3 days probably more will get in to push it back to the previous price action zone of 7800 support/resistance level. Looks like the long term dotted red line trend line still holds. On MACD, bearish half weakening and MA looking to cross.
Short term moving average : still downtrend
RSI : -
Depth Chart : wall still around 6000
Weekly Timeframe : -
Depth Chart : wall still around 6000
What does it mean to have the wall still around $6k?
Does it mean buyers are anticipating the price to go down to $6k again so, the buyers could scoop up more BTC at a cheaper price again?
there's buying order at 6k but doesn't mean it will hit that. sometimes it does though.
This is clearly a bounce, however even bounces in bear markets are rather large.
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