- Bitcoin price hits $11,00 mark but unable to hold.
- Bitcoin facing extreme volatility.
- Bollingers band confirms volatility.
- Analyst believe a bearish formation may plunge Bitcoin in a retrace to $10,450.
Persistent market volatility continues as the king of cryptocurrency hit $11,000 mark today but was unable to sustain. The Bitcoin price line observed a brief pullback on the 18th of September. Analysts believe that the price line will fall towards the $10450 support level next.
1-Day Bitcoin price analysis
Bitcoin was observed trading at $10817 US Dollars at the time of writing on Bitstamp. The cryptocurrency king approached the highest price of $11,027.65 US Dollars for the 24-hour trade at 07:06 GMT. While the 24-hour low was seen at the $10,750 mark.
What to expect from the BTC price?
The Trading View analyst Stargazer FX is of the opinion that the BTCUSD pair will rise towards the $11,400 mark if it continues to hold above the $10,450 support.
Per the analyst, the cryptocurrency will observe a pullback towards the $10,450 mark where it will meet the key support level. If BTC price continues to hold this resistance after the pullback, the price may continue to grow towards the $11,100 resistance level. The analyst added that in the case of any bullish signal, traders should look for a buy opportunity.
Will Bitcoin test the $11,250 resistance next?
The Trading View analyst Atlas Trades highlighted an ascending parallel channel for the king of cryptocurrency. The analyst believes that the price line will soon test the $11,250 mark.
Per the idea chart above, the cryptocurrency has been trading inside the ascending parallel channel from the 9th of September. An important support level was formed near the $10,650 mark, while the idea suggests that this ascending channel will extend the continuation of the uptrend towards the $11,250 resistance level. The BTC price is yet to test this resistance level.
On the 18th of September, the price line broke below the lower boundary of the ascending channel and fell towards the $10,900 level.
Will Bitcoin eventually test the $11,400 resistance?
The Trading View analyst Rocket Bomb believes that the BTCUSD pair will either fall towards the $10,750 mark or the $10,500 level up next. Per the analysis, either path taken by the cryptocurrency is expected to lead towards the $11,400 resistance level.
The cryptocurrency has been supported by an ascending support structure from the 10th of September. The BTCUSD pair is expected to move towards the lower boundary of the support structure, which will lead the price towards the $10,750 mark. If the support does not hold, the cryptocurrency will further fall towards the $10,500 level and move to a stronger support line there.
Rocket Bomb believes that either of the two scenarios for this trade will lead the cryptocurrency to the $11,400 mark. The target price for this trade lies at $11,439.39 US Dollars.
What’s next for BTC?
The Trading View anlayst Optimoom FX is of the opinion that the BTC price will fall towards the $9,075 mark soon.
The cryptocurrency has recently been testing the $11,140 resistance level, while it broke below the support-turned-resistance on the 3rd of September after confirming a breakout above it. Per the analysis, the cryptocurrency will now fall towards the $9,075 mark because the analyst believes that the BTCUSD pair will produce a leg down from here.
Disclaimer: The information provided is not a trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.