Bitcoin Resumes Downward Movement After $11,650 Rejection

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In Brief
  • The Bitcoin price is facing short-term Fib resistance at $11,605, $11,720 and $11,880.

  • BTC has likely begun the C wave of an A-B-C correction.

  • The price could be completing a 1-2/1-2 wave formation, which will likely lead to a sharp downward move.

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The Bitcoin (BTC) price had been slowly retracing upwards after a sharp drop on Aug 11. Technical indicators and the price movement indicate that the increase is more likely to be a correction rather than the beginning of a new upward trend. Bitcoin Retraces After Drop In yesterday's analysis, BeInCrypto stated that "The price has created what resembles a double-top," with the second
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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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