Is Bitcoin Correcting or Just Cooling Off?

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In Brief
  • The Bitcoin price has recovered the majority of the losses from the Aug 10 drop.

  • The price is following an ascending support line and could be trading inside an ascending triangle.

  • The price is facing short-term resistance at $11,800 and has support at $11,450.

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The Bitcoin (BTC) price has been retracing since getting rejected by the $12,000 level on Aug 2 and Aug 10. It is not yet clear if the current movement is corrective or an impulse that will bring new local highs. Bitcoin Retraces After Double-Top The Bitcoin price reached a top of $12,067 on Aug 10 and immediately fell. The decrease was preceded by bearish divergence in the 12-hour RSI
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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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