Bitcoin’s sideways roll continues with downside capped by key support.
The digital currency recoiled from above $9,400 three times in the last 24 hours but sellers are still unable to punch through the support at $9,188 (former resistance of January 19 high).
The cryptocurrency is trapped in an expanding sideways channel, as seen in the 15-minute chart below.
Bitcoin has printed a minor rising channel within the larger sideways channel.
From here, a conniving move above $9,455 (channel resistance) would suggest a continuation of the rally from $8,250 and expose $9,586 (November 4 high).
Alternatively, a push back below the ascending channel support would allow a drop to channel support placed at $9,165 at press time.
A channel breakdown would shift risk in favor of a drop to $8,800