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Contents

The bitcoin rate stumbled over the mark ...

Bitcoin price stumbled over $ 11,000 and is retreating again
CONTENT

  • Bitcoin is about to storm strong resistance $ 11 150

  • BTC Probably Started Forming Impulsive Wave Structure

  • Cryptocurrency will resume its rise after the current correction

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The bitcoin (BTC) rate at the moment was approaching the important resistance of $ 11,150, but did not dare to test the psychological mark of $ 11,000 and rolled back.

After a short-term decline, the first cryptocurrency is likely to make another upside breakout attempt.

Bitcoin is close to resistance

Bitcoin has been following a downtrend resistance line since August 17, when the price touched a local high of $ 12,473.

The bitcoin rate stumbled over the mark ...

Since then, the coin has twice confirmed the status of this resistance line..

BTC recently approached the resistance line again, which coincides with the $ 11,150 zone, which ended in resistance on September 19.

A breakout of this line and the $ 11,150 level will confirm presence of a bullish trend.

BTC Chart by TradingView

On shorter-term charts, it can be seen that the price bounced twice from the level of 0.786% Fibonacci retracement relative to the previous fall of $ 10,955 and began to pull back.

BTC should find support in the $ 10,550 zone, where the 0.5% Fibonacci retracement level and the previous resistance zone also pass. As long as quotes are above this area, the likelihood of resumption of growth remains high.

BTC Chart by TradingView

Wave analysis

On September 9, Bitcoin began to form an impulsive bullish wave structure (orange in the chart below). The price has already completed waves 1 and 2 and, apparently, has already started the third wave.

The preliminary targets of the third wave top are located at $ 12,180, $ 12,880, and $ 13,380 (1.61, 2.27 and 3.61% Fibonacci retracements relative to the first subwave).

Sub-waves are indicated in blue in the chart below:

BTC Chart by TradingView

Sub-wave analysis shows that BTC is correcting within the second sub-wave, which is realized in the A-B-C shape (red on the chart). This structure should end in the region of 0.5-0.618% Fibonacci retracement in the $ 10 450- $ 10 550 area, but its exact shape depends on how many waves there are in Part A – three or five.

BTC has not yet reached the 1.382% Fibonacci retracement level (blue on the chart), so the downward retracement is probably not over yet.

BTC Chart by TradingView

So, after the current bearish correction, Bitcoin is likely to return to growth.

The previous analysis of bitcoin can be read here.

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The bitcoin rate stumbled over the mark ...

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