After turning bearish, the Bitcoin price line moved to the $11300 to $11400 range on the 25th of August. Trading View analysts are of the opinion that the BTC price will fall below the $11000 soon.
1-Day Bitcoin price analysis
Bitcoin price chart by Trading View
Near 18:00 GMT on the 25th of August, Bitcoin BTC fell to a day’s low of $11125.44. The day’s highest price was marked at $11776.12 by the cryptocurrency king. Bitcoin was observed trading at $11370.74 US Dollars at the time of writing.
Will Bitcoin price fall to $11000?
The Trading View analyst Romeo Deris believes that the BTC price will fall towards the $11000 mark. The analyst highlighted a bearish flag pattern for the cryptocurrency king.
Bitcoin price chart by Trading View
As per the chart above, the cryptocurrency has been trading inside a descending parallel channel from the 18th of August. The BTC price observed a downside breakout of the descending channel on the 25th of August, where it entered a brief ascending channel. This second channel allowed the price to rise towards the $11400 mark, which completed the bearish flag pattern on the 1-Hour chart for the BTCUSD trading pair.
Bitcoin’s price has approached the end of this flag and the analyst believes that the cryptocurrency will now fall towards the $11000 mark once the bearish flag pattern has completed.
Head and shoulders for BTC?
The Trading View analyst Alexander Nikitin highlighted a head and shoulders pattern on the 4-Hour chart for the BTCUSD trading pair.
Bitcoin price chart by Trading View
The support level for this pattern lies at the $11379 mark. The BTC price has fallen below this support/resistance level, and the analyst believes that the cryptocurrency will descend towards the $10800 mark in order to complete the head and shoulders pattern shown above. The first and second target zones lie between the $10800 to $11350 and $10200 to $10700 price levels.
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.
