I was expecting a drop to 5$ but instead the bitcoin jumped quickly to 6$, since then it slowly dropped back to 5.5$-5.7$. I still think it could develop a bottom at 5$ and then rebound quickly back to the 5.5$-6.0$ zone.
I attached here a 4 hour chart, it is visible the rsi oscillator that is in oversold territory with negative net volume. This let me think that a quick bottom might develop followed by a strong bounce probably to retest the resistance levels at 6-6.2$
In the last three weeks we have had a negative outflow of money warning us that sellers are selling good quantities of bitcoin after it has recently spiked in price from 2$ to 7$ with a great deal of capital appreciation. Despite this selling pressure with overall high volume the prices are still well above the recent low of november at 1.94$; i interpret this behaviour as bullish for long term.