Bitcoin Suffers Enormous Drop After Breaking $12,000

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In Brief
  • -Bitcoin is facing long-term resistance at $11,500.

  • -The trend has shown considerable weakness in the daily time-frame.

  • -The price has likely begun an A-B-C correction.

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The Bitcoin (BTC) price created a massive bearish engulfing candlestick on August 2, possibly indicating that the upward move has ended and a corrective period awaits. The long-term movement, however, still looks healthy. Bitcoin Fails to Close Above Long-Term Resistance During the week of July 27-August 3, the Bitcoin price increased considerably, going from a low of $9,917 to a high
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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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