I must confess I am quite surprised that the support around $5800 has been that strong. Like you I was expecting the price to go below that yesterday or today... That's why Bitcoin and crypto currencies in general are still very hard to predict...
There is nothing to be surprised about, so far, it is serving as a major support and it has bounced off it for some time, but that does not mean we could still not break it eventually. Every market is hard to predict and that is the reason they are markets anyway and the only thing we can do is to accustom ourselves to the trend and time, but the volatility that some are complaining about is the volatility that some are really enjoying greatly. It is just as simple as that.
There is no point in fearing these kind of doomsday predictions, especially based on technical indicators. I would happily accumulate more bitcoins at those levels. If you have belief in the long-term outlook, there is no reason to get scared.
It is another matter that I do not have faith in technical analysis...
Those who fear them are certainly those who never get to understand the reason for their investment in the first place or will I say got the wrong understanding since all they care about is getting rich as the media painted it throughout last year. There will always be crashing predictions during a bear trend and it was obvious we will enter this corrective state, but certainly last year, even if you tell people to be careful, they will say you are generating FUD.
That's my fear, that the price of $5800 gets broken (down) eventually. I have being watching the price for a while now, we have been touching the price a few times already and everytime the bounces (up) were less and less impressive. Hope I am wrong.