- Bitcoin price fails to retest $11,000 mark.
- Analyst believes Bitcoin will retest $11,000 high once again.
- Bollinger Band showing high volatility bursts on the chart.
The Bitcoin price line observed a downtrend on the 17th of September. The cryptocurrency is expected to retest the $11100 key resistance which it previously tested on the 16th of September. However, the king of cryptocurrency was unable to find support above $10900 for the better part of the day.
1-Day Bitcoin price analysis
The cryptocurrency rose to the 24-hours high of $11098.87 US Dollars on the 16th of September. The cryptocurrency was observed trading at $10941.99 at the beginning of the 17th of September. Bitcoin is trading at $10894.14 US Dollars at the time of writing.
What’s next for the BTC price?
Trading View analyst Atlas Trades believes that the BTC price will test the $11100 resistance in near future. The cryptocurrency recently broke below an ascending parallel channel.
Per the idea, the key support level lies at $10600, while Bitcoin BTC has been trading above this support level since the 14th of September. The price line entered an ascending parallel channel on the 14th of September, after that it gradually made its way towards the $11100 resistance. Bitcoin failed to move past the resistance level and bounced right off it.
The cryptocurrency moved towards the lower boundary of the ascending channel, after which it broke below the trend line. On the 17th of September, the price line moved below the $10900 mark to hit the $10760 low. Per the analyst, the cryptocurrency will now change the trend after the price stops falling. The BTC price is expected to retest the $11100 resistance level soon.
What to expect from Bitcoin?
The Trading View analyst Mudrex drew a technical analysis for the BTCUSD trading pair on the 4-hour chart. The analyst believes that the cryptocurrency king will soon see an uptrend on the 4-hour chart.
The Moving Average Convergence Divergence (MACD) technical indicator has moved below the signal line while the histogram now appears in the negative region. This technical indicator currently suggests a bearish bias. The volume has been increasing and decreasing with the price movements. The trading volume further decreased as the trade shifted from buyers to sellers. The upper Bollinger Band showed resistance, after which the BTC price showed lower highs. This means that a downtrend is going to occur soon.
Bitcoin price technical indicators
The Bollinger Bands expanded during the early hours of the 17th of September. This means that the price showed increased volatility during that time. The volatility remained low for the rest of the day as the BTC price did not show much variation. Closer to the end of the day, the Bollinger Bands repeated expansion, depicting increased volatility again.
Will Bitcoin’s price rise towards $11300?
The Trading View analyst Bull Rider believes that the BTC price will rise towards the $11300 level soon. The crypto analyst highlighted an ascending parallel channel on the 4-hour chart for the BTCUSD trading pair.
Per the analysis, the technical indicators appear to be weakening as the cryptocurrency continues to climb. The analyst suggested that the BTC price will rise towards the $11300 resistance level, after which it will tire out from the uptrend and returned towards the support near $10600.
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