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Bitcoin price approaches $11600, what to expect?

The Bitcoin price line rose above the $11650 level on the 12th of August. Bit Profit is a Trading View analyst who believes that BTC price will rise towards $12000 next.

1-Day Bitcoin price analysis

Bitcoin price chart 1 - 12 August

Bitcoin price chart by Trading View

The 06:00 GMT, the price line fell to a day’s low of $11184.26. The cryptocurrency traded at $11588.24 US Dollars at the time of writing.

What to expect from Bitcoin’s price?

The Trading View analyst Atlas Trades was of the opinion that the BTC price will fall towards $11100.

Bitcoin price chart 2 - 12 August

Bitcoin price chart by Trading View

The analyst highlighted a falling resistance that acted as a descending trendline for the BTCUSD pair. The cryptocurrency continued to test the falling resistance line from the 10th of August. The price line bounced off the resistance level towards the $11200 mark on the 11th of August. The analyst suggested that the cryptocurrency’s price will rebound from the resistance level after retesting it.

On the 12th of August, BTC price broke above the falling resistance and moved towards the $11600 mark instead of falling to $11100, as suggested by this idea.

What’s next for BTC?

The Trading View analyst Bit Profit believes that the BTCUSD pair will rise towards the $12000 mark.

Bitcoin price chart 3 - 12 August

Bitcoin price chart by Trading View

The analyst explained that BTC price continues to rise higher with brief retracements towards the downside. However, there has been no negative new for BTC, which means that the cryptocurrency can still become bullish and ascend on its charts. The analyst believes that the cryptocurrency’s price trajectory will now rise past the $12000 mark. This idea is yet to come into play.

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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