The Bitcoin (BTC) rate showed a little strength when it briefly rose to $ 9,235. But at press time, the top digital asset on CoinMarketCap was below the resistance at $ 9,200.
Bitcoin is currently below the trend line of the descending channel and the 20-MA. But if the bulls peak in volume, the price could go above the high-volume VPVR node at $ 9,600, supporting the range between $ 9,200 and $ 9,500. If the $ 9,400 short-term support fails, support will likely fall again at $ 8,900. The buyers continue to show an interest in buying here.
How last week went
On a daily basis, the Bollinger Bands indicator shows that despite the weak volume and the
weakening momentum, compression continues. The trading range is also narrowing. These are all signals that volatility is likely to increase. Risk-averse traders could wait for a four-hour or daily close above $ 9,400 before opening a long or short position. Buying a breakout above the high-volume VPVR node at $ 9,600 could be risky as the price has plunged continuously at $ 9,800 and $ 10,000.
Traders looking for long positions could be waiting for a rebound at $ 8,900 or even a fall below these key supports. Bears are likely to open short positions between $ 9,400 and $ 9,600, as has often been the case in this zone.