The supporting trendline (blue) approximately overlaps a long-term Fib line that originates at the January 2015 low (not shown).
Any decline below this trendline will herald a larger decline. Price may poke below it, but what we want to see is a 1-hour candle open below the trendline, as well as, close below it. This is the typical sign that market traders look for to confirm that a supporting level (or chart feature) has been breached. However, the bitcoin market is less methodical and may just drop away below the level without pausing for confirmation.
The 4-hour chart shows that the stochastics have descended to their minimum and RSI has reverse diverged to the previous low. This combination of indications confirms the current push higher. For now it appears to be an upward correction, hence the strain, but if the market can buy price back above the 4-hour 20-period moving average (green), then the prior sideways grind can continue.
read further here :
https://www.cryptocoinsnews.com/bitcoin-price-bounces-support-3/
