- Bitcoin is currently perched between a well-defined band of prices outlined on both the weekly and monthly timeframes.
- As we float between the weekly/monthly horizontals, volume is beginning to diminish on both the supply and the demand sides. However, what little supply has surfaced has appeared to be absorbed. If we can maintain support on our weekly $8,200 level, we can expect to see the market push to test the upper boundaries of the resistance in the $9,200 to $9,500 range.
- However, if support does not hold and we manage to fall through, we can expect to see a much deeper test and potentially revisit the $6,400 to $6,800 range.
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This article originally appeared on Bitcoin Magazine.