Following last Friday’s drop, bitcoin has found itself coiled, once again, at the bottom of the range it established back in December. With the current market unable to close a new high, the market finds itself in a precarious position:Figure 1: BTC-USD, Daily Candles, Range Support TestThe blue support level shown above illustrates the boundary of the multi-week range bitcoin has been bound by. At the time of this article, the market is testing the support level but has yet to close and continue below. We did see a temporary close below the support level, but there was a very short-lived rally on low volume shortly after popping the fresh low.Figure 2: BTC-USD, Daily Candles, Secondary Support LevelJust below our immediate support level exists a secondary support level (shown in red) established by a market pivot a few weeks ago. It’s not entirely surprising that the drop inspired some eager bulls. It is still too early to tell, but the temporary support level doesn’t appear to be inspiring much demand. The price spread is low, the volume is low, and the rally was immediately stifled on modest volume. As mentioned in our previous analysis, this is kind of a no-man's-land due to the market indecision within this range.Figure 3: BTC-USD, Daily Candles, Upper and Lower Bound of Current RangeThe figure above shows the overhanging resistance (shown in blue and red) that rejected the bullish attempts to...
