A headwind for bitcoin rally after price dripping

After a long battle of bulls and bears regarding the future of bitcoin and a lot of suspense about its prices, bears won it, making bitcoins go down by 5%. The trading done on this Wednesday gave confirmation of this move, grating off total of 2.5%.

Bitcoin broken the range

One of the highly famous cryptocurrency has broken the range now which was making trade since last week Tuesday in the recent rally. At present, bitcoin is making trade on the same exchange of around the level of 7530 USD.

According to the technical analysis, its cost is even much closer to the range of 7450 to 7350 USD where it got consolidated during 18 to 22 of July, which can offer an important support for a leg up.

The supporting area in the given chart coincides to the moving range of 100 days in blue line – shows a widely followed indicator of trade. The prices of bitcoin have given the strong reactions in history, showing both up and down trends, whenever the blue line was approached.

Bitcoin overbought

Another thing which is worth noticing is about the famous RSI (Relative Strength Index), which has shown a decline now from the “overbought” levels, climbing over the neutral level of 50, making its mark at 70.

With these positive news of the institutional interest of the bitcoin, the upcoming days are going to be quite critical for the traders, who are the big players of this game.

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