Bitcoin Bounces Off Support Level

The price action of bitcoin has been quite choppy of late and even feels like it has been lower a bit. However, outside of that quick dip lower this weekend we have seen price stay in a range pretty much.

Prior top acting as support

Looking at the chart you see I have several trendlines drawn. Some of them even look a bit random now as they have been there a while from prior tops and swing lows.

The line at the 106K level is actually from the double top we put in back in January of this year. Funny that price ended up holding that level after spiking through down to 103K. We ended up getting a reversal candle when price close above 106K a few days back.

We shall see if this is just a relief bounce or has some legs. I would not be surprised if we see more choppy action the rest of the month.