Following the previous price analysis, as long as Bitcoin consolidates at these price levels, the business can turn out to be positive again. However, Bitcoin is still very close to the fire zone, and at any moment it can break down, so better to watch carefully.
RSI levels are low – market is oversold, we can expect a slight correction up before picking a direction.
Support levels as we mentioned – $6,000, $5,800 (yearly low), and way behind $5,200 area.
Resistance levels are at $6200 (immediate short term), $6400 (Moving average 50 days and descending line) and $6600.
BTC/USD BitFinex 4 Hours chart
Source: Crypto Potato