It could be in the process of completing its corrective retracement after the original drop. If true, BTC could get rejected by the area and fall after.
BTC reached a low of $37,332 on Aug 5. However, it immediately began moving upwards, creating a very long lower wick in the process and reached a bullish close of $40,862.
It’s currently trading inside the range high of $40,550. The resistance area has been in place since May 19, with the exception of the deviation above it between July 30 – Aug 2.
Technical indicators for BTC are somewhat neutral. The MACD created a higher momentum bar, but it looks like it’s beginning to decrease again. Both the RSI and Stochastic oscillator are bullish but are showing decreasing momentum.
