Bitcoin price falls to $11300, what to expect?

Bitcoin price falls to what to expect

The Bitcoin price line receded below the $11300 level on the 25th of August, after the cryptocurrency rose across the $11800 mark on the 24th of August. Rocket Bomb is a crypto analyst on Trading View who believes that the BTC price will rise towards the $13500 in the long-term trade.

1-Day Bitcoin price analysis

Bitcoin price chart 1 - 24 August

Bitcoin price chart by Trading View

At the time of writing, Bitcoin BTC was observed trading at a price of $11285.77 US Dollars. The price was observed a day’s low of $11124.44.

What to expect from Bitcoin price?

The Trading View analyst Rocket Bomb is of the opinion that the BTCUSD pair will observe sideways movements before it sees any significant uptrend.

Bitcoin price chart 2 - 24 August

Bitcoin price chart by Trading View

Rocket Bomb drew their technical analysis on the 1-Day chart, employing the Moving Average Convergence Divergence (MACD) technical indicator and the Relative Strength Index (RSI). They stated that the MACD depicts a more bullish Bitcoin than a bearish one, while the RSI shows sideways movements.

For this idea, the target price lies near the $13500 level. The analyst identified this as a fractal motion for Bitcoin, while they added that this is also a good opportunity for the traders to focus on the altcoins.

What’s next for BTC?

Crypto Maniac is a Trading View analyst who has suggested two scenarios for BTC price. The analyst highlighted an ascending parallel channel on the 7-Hour chart for the BTCUSD pair.

Bitcoin price chart 3 - 24 August

Bitcoin price chart by Trading View

As per the first scenario, the BTC price will break above the ascending parallel channel and move past the $15000 mark in the long-term trade. Whereas, if the second scenario comes into play, the price line will break below the trading channel and move below the $7000 mark. A similar ascending channel was observed between March and May, 2020. The price line moved above the pattern after completing it.

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.

Taha Farooqui

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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