Bitcoin price approaches $11500, what’s next?

On the 21st of August, the Bitcoin price line led the major altcoins down on their charts. The cryptocurrency king fell towards the $11450 level.

1-Day Bitcoin price analysis

Bitcoin price chart by Trading View

The cryptocurrency traded at $11580.42 US Dollars at the time of writing.

Will the Bitcoin price rise next?

The Trading View analyst Solldy believes that the BTC price will rise towards the $12500 level after gaining bulls over the day’s trade.

Bitcoin price chart by Trading View

The analyst suggested that the cryptocurrency king will move out of the support zone and gain the momentum to rise past the $12500 mark, where the rising resistance lies for this trade. The analyst marked the stop-loss order at the $11286 level. The idea is yet to come into play as the cryptocurrency market briefly fell on the 21st of August.

What to expect from BTC price?

Another Trading View analyst X Force Global is of the opinion that BTC price will fall towards the $11200 level. The analyst highlighted an ascending parallel trading channel for the BTCUSD pair on the 1-Day chart.

Bitcoin price chart by Trading View

In their technical analysis of the BTCUSD trading pair, the analyst explained that the Relative Strength Index (RSI) is currently showing lower highs on its scale. The trading pair failed to break above the ascending parallel channel while it traded inside of it, and now, as per the analyst, any breakout below this channel will cost the cryptocurrency a significant portion of its price.

On the 21st of August, the cryptocurrency broke below the ascending parallel channel. The target price for this trade was marked at $11185.45 by the analyst. This is also where the immediate support of trading pair lies.

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.