As prices continue to flirt with key support points, people still need hubs to trade their cryptocurrencies. In this case, it seems that many exchanges are still doing just fine.
Although the overall volume trend is consolidating, it is pretty clear that sell pressure is still very present relative to bitcoin's recent bullish rally.
While it is inherently bearish to push below a trading range, there are a couple arguments that can actually put a bullish twist on bitcon's deep test of support.
While the market seems to be continuing its drift to new lows with greater and greater ease, there are a couple of bullish signals worth considering as the market continues to consolidate.
The current market trend has managed to find support on the prior lows; however, the support seems to be on shaky ground as it is currently trending in a pattern known as a bear flag.
We are currently in the process of testing important support levels and we need to keep a skeptical eye as monitor the bitcoin market and gage the reaction to these new support tests.
There are various levels of support that all need to considered and analyzed on a case-by-case basis, as they potentially could result in a cryptomarket-wide, devastating downward continuation.
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