Bitcoin market update: BTC/USD dives to $5,800 amid high crypto volatility levels
|- Bitcoin stays in the green despite the drop to $5,800.
- Technically, Bitcoin path of least resistance is upward sideways.
After trading close to $6,000 Bitcoin has been fighting to stay above $5,850 support. However, high volatility means that price prediction is difficult at the same time rendering support and resistance levels almost insignificant. For instance, the flash drop just moments ago has seen Bitcoin plunge below $5,900 butchering the support at $5,850 to test $5,800.
A reversal has occurred above $5,800 and BTC/USD is trading around $5,844 while supported by the 100 SMA as well as the EMA200. The brief flash drop caused the RSI to dive towards the oversold but reversed on touching 30.00. The MACD, on the other hand, had hit levels around +62.88 is increasing the divergence in the negative region to show that bears are gaining traction.
Technically, Bitcoin path of least resistance is upward sideways. The support atv$5,800 will stay put to the close of the session today while $5,900 is likely to be the barrier to the upside. It is now clear that the journey to $6,000 was not going to be that smooth.
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