BTC moves up and then moves down to test the new support - This behavior has been repeating and there is a chance BTC may move down and test the 6500 support and then move up - BTC Doesn't have to but this has been the past pattern and also it confirms it as good support .
if BTC does move lower to test the support and fails to bounce at 6500 Ill expect the bounce to move to 6200
@BrenFren, im starting to see bullish signs, but never the less im putting it down to BTC being a low liquidity, low vol, easily manipulated coin... similar to low float high momentum stocks. I'm starting to think about bouncing on to ride it up to 8-9k, I don't see how it gets there given the volume... but them I didn't see this last surge, for any other reason than S&P is correlated...
@ThePhoenix137, Consolidation is like the foundations of a house . The stronger the foundation the higher and bigger the house can be .
Likewise with a consolidation the longer the consolidation the higher price can go - With just a 20 day consolidation I dont see BTC moving up very far before it comes flying back downwards .