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The Bitcoin price line declined on the 11th of August and fell towards the $11200 mark and completed a hanging man pattern. The cryptocurrency is also expected to see a price crash up next.
1-Day Bitcoin price analysis
Bitcoin price chart by Trading View
Near 21:00 GMT, Bitcoin fell to a day’s low of $11143.73. At the time of writing, the BTC price was observed at $11369.36 US Dollars.
Will Bitcoin’s price see a crash?
The Trading View analyst Alan Masters believes that the BTC price will observe a crash soon.
Bitcoin price chart by Trading View
The analyst highlighted how the BTCUSD pair has started to move below the 10-Day Exponential Moving Average (EMA), while the Moving Average Convergence Divergence (MACD) technical indicator has the bullish cross. The Relative Strength Index (RSI) also appears to be trending, and now, as per the idea above, BTC price will start to move lower. According to this chart, the cryptocurrency’s price will fall towards the $9700 mark if this idea comes into play.
BTC observes hanging man pattern
The Trading View analyst Alexandar Harford drew an ascending parallel trading channel for the BTCUSD pair on its 4-Hour chart, while the analyst suggested that the cryptocurrency will break below the trading channel soon.
Bitcoin price chart by Trading View
The analyst expected a hanging man pattern, which is a bearish pattern that consists of one candlestick which has a long lower wick, and a small upper wick. The analyst explained how the 50-Day Moving Average (50MA) had been the support for BTC for a month now the Exponential Moving Averages were about to intercept as well, which means that BTC price was expected to see a pullback and a fall below the trading channel.
On the 11th of August, this idea for the cryptocurrency came into play, where the BTC price fell towards the $11200 mark after observing a pullback and a hanging man pattern.
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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Taha Farooqui
Taha specializes in copywriting & translating texts. He aims to cover cryptocurrencies & blockchain in both English and local dialects in the Middle Eastern regions. He has helped write, translate, and localize the material related to cryptocurrencies and blockchain.
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