Bitcoin (on Coinbase) is testing the lower edge of a symmetrical triangle on the hourly chart, along with a spike in volume. If $6,380 breaks on decent volume and follow through is confirmed on other exchanges the target is $6,300.
If the price can hold above $6,380 it will be bullish considering the volume spike, and would likely lead to a sharp rally to the top of the triangle.
The key here may be the S&P futures – they are now well below the low from 11 October. If they can regain that support level Bitcoin will rally, if not, markets remain in risk off mode and Bitcoin won’t be immune.
If the price can hold above $6,380 it will be bullish considering the volume spike, and would likely lead to a sharp rally to the top of the triangle.
The key here may be the S&P futures – they are now well below the low from 11 October. If they can regain that support level Bitcoin will rally, if not, markets remain in risk off mode and Bitcoin won’t be immune.