RATE Group | Bitcoin Price Intraday Analysis: BTC/USD Could Attempt Pullback
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Bitcoin Price Intraday Analysis: BTC/USD Could Attempt Pullback

03 Sep Bitcoin Price Intraday Analysis: BTC/USD Could Attempt Pullback

Posted at 21:01h in Bitcoin News by

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On Monday, bitcoin price corrected weakly to the downside, summing up the pullback close to 3 percent.

The BTC/USD looked lazy the whole day. The pair earlier corrected from its intraday high near 7340-fiat and continued its fall until hitting today’s low at 7203-fiat during the Asian morning session. The pair recovered later in an attempt to restest 7340-fiat, with its uptrend migrating smoothly from the Asian to the European trading hours. However, it was stopped by the Rising Wedge resistance, as depicted in the chart below. And now, as we begin the US session, BTC/USD is once again attempting a breakout, which looks weak already in near-term.

BTC/USD Technical Analysis

Bitcoin is nearing its Rising Wedge resistance once again, looking for a breakout. But the selling pressure seems to be strong around that area, as can be seen through the price movements of the past few days. We have broken only once, only to find bears around the upside target around 7400-fiat.

We are…

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