The Bitcoin price line moved towards the $11600 resistance on the 22nd of August. Crypto analysts on Trading View believe that BTC will see a rise towards the $12000 level soon.
1-Day Bitcoin price analysis
Bitcoin price chart by Trading View
Bitcoin traded at $11552.77 US Dollars at the time of writing. The cryptocurrency rose to a day’s high of $11690.62 US Dollars by 23:21 GMT.
What’s next for BTC?
the Trading View analyst Alexander Harford believes that the BTC price will exhibit a trend reversal and return to the ascending parallel channel.
Bitcoin price chart by Trading View
The cryptocurrency had broken below the ascending parallel channel on the 19th of August, while the BTCUSD trading pair was held by the resistance. The Moving Average Convergence Divergence (MACD) indicator suggests that a price reversal is about to take place on the BTC charts, while the bullish engulfing occurred on the 22nd of August.
The technical analysis indicates that the cryptocurrency king’s price will bounce from the local support which lies near the $11400 mark, and return to the ascending channel that it previously broke below.
What to expect from Bitcoin’s price?
The Trading View analyst Romeo Deris believes that the BTCUSD trading pair will rise past the $12000 soon, because the cryptocurrency recently broke above a descending parallel channel.
Bitcoin price chart by Trading View
An important resistance lies near the $11650 level. The analyst believed that the cryptocurrency will move past the resistance after breaking out of the descending parallel channel, after which it will see a pullback towards the resistance-turned-support before it moves to the $12000 mark.
On the 22nd of August, the cryptocurrency stayed below the resistance and fell towards the $11500 mark after breaking out of the descending parallel channel.
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.
