A tough resistance seems to have formed at $11,200 (Fibonacci 38.2% retrenchment of July 21-August 18 uptrend). If Bitcoin manages to climb above that level and make a daily closing there, it could target $11,700 (Fibonacci 23.6% retrenchment) ahead $12,000 (psychological level). Meanwhile, the Relative Strength Index (RSI) on the daily chart retreated to 50 area, suggesting that buyers are struggling to take control of the price action.
On the downside, the downward correction could extend to $10,800 (Fibonacci 50% retrenchment). Below that level, $10,400 (100-day SMA/Fibonacci 61.8% retrenchment) is the last line of defense ahead of $10,000 (psychological level).