Bitcoin is up about 0.2% against the dollar by support from the lower extreme of the daily balanced price range. The particular balance extreme is confluent with prior VWAP close levels which served as support for/to initiate buyers. Hourly swing highs getting tested for sellers now. The swing lows might be retested for absorption purposes while the daily bracket low defends further drops.
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The rate is trending lower for about four months and tries to find buyers around the buying tails of the prior two months. The daily periodic trades in the distribution from January of this Year and traders seem to lean on its extremes. Caution beware, the bracket lows are still might be targeted for potential absorption purposes for buy-side core positions. Market participants seem to wait for the daily uptick to conclude further scenarios to the upside.
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