Bitcoin returns to range high after considerable increase

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.

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