Bitcoin Manages to Hold Above $10,000, But Is the Correction Complete?

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In Brief
  • Bitcoin is trading inside the long-term $10,100 support area.

  • The price has created a short-term double-bottom.

  • BTC looks to have completed wave 4 of a bullish five-wave impulsive formation.

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The Bitcoin (BTC) price decreased by 12.30% during the week of Aug 31-Sept 7. It has reached a major long-term horizontal and Fibonacci support level, which may be enough to initiate a reversal. Bitcoin Rests at Weekly Support The Bitcoin price decreased considerably last week, creating a bearish engulfing candlestick and closing -12.30%. The price has fallen back to the $10,100
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Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.

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