Bitcoin’s Bullish Close Barely Fails to Confirm Upward Trend

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In Brief
  • Bitcoin is trading inside a short-term ascending wedge.

  • Daily technical indicators are bullish but weekly signals are bearish.

  • There is resistance and support at $11,750 and $11,250.

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During the week of Aug 24-31, Bitcoin created a bullish hammer above a significant resistance area. This is a bullish sign that suggests continuation. However, short and long-term indicators aren't aligning. Daily signals are bullish while weekly technicals appear bearish. Bitcoin Weekly Outlook During the week of August 24-31, the Bitcoin price created a bullish hammer. The
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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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