BTCUSD Capped by Strong Resistance

Bitcoin price today tumbled 2 percent against the dollar, confirming a weak push by bulls in the current bearish bias.

The BTC/USD continued to extend its prevailing upside momentum, breaking above 6500-fiat to establish 6620-fiat as its new intraday peak level. However, the absence of enough bullish sentiment around the peak area, also visible during the August 15th pullback action, reversed the upsides. The pair dropped as much 4.5 percent, as a result, and is now attempting what looks like a weak bounce back.

We also had to exit our long position on a small loss when BTC/USD just fell shy to test 6650 as our primary upside. Our stops below the entry position protected us from additional risks. In the process of the latest bearish correction, we also noticed price breaking below the ascending wedge. Let’s have a look at the hourly BitFinex chart below to further understand the market’s mood.

BTCUSD Technical Analysis

The BTC/USD has broken out of the rising wedge…