Bitcoin price varies near $11700, what’s next?

The Bitcoin price rose past the $11800 level on the 8th of August. The cryptocurrency is expected to rise towards the $12000 level.

1-Day Bitcoin price analysis

Bitcoin price chart 1 - 8 August

Bitcoin price chart by Trading View

For the day’s lowest, BTC price stood at the $11541.45 mark. At the time of writing, Bitcoin traded at $11675.83 US Dollars.

What to expect from BTC?

The Trading View analyst Vince Prince has written two possible scenarios for the BTCUSD pair. The analyst believes that the cryptocurrency may either continue to fall bearish or observe a price reversal soon.

Bitcoin price chart 2 - 8 August

Bitcoin price chart by Trading View

On the 2-Hour chart for the BTCUSD pair, the analyst highlighted a pattern made up of two major ascending support lines for the king of cryptocurrency BTC. The coin recently broke below the structure and began to consolidate between the 20-Day Exponential Moving Average (20EMA) and the 50-Day Exponential Moving Average (50EMA) technical indicators. The analyst believed that the BTC price would break below this EMA structure before retesting it, after which it can either rise above the structure or break below it and continue the bearish momentum.

On the 8th of August, the cryptocurrency moved above the EMA structure, where it trades below the entry-level for this trade and the EMA structure. If the cryptocurrency continues to hold this EMA structure, then the price may rise.

Will the Bitcoin price crash soon?

The Trading View analyst Quantum Analytics believes that BTC price will soon crash after it rises above the $12000 mark.

Bitcoin price chart 3 - 8 August

Bitcoin price chart by Trading View

On the 4-Hour chart, the analyst highlighted the cryptocurrency’s breakout from an ascending parallel trading channel. The idea shows that the cryptocurrency may rise towards the $12500 mark, after which it will gradually fall below the $10000 level as a result of a price correction.

Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.

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