The Bitcoin price line fell below the $11700 level on the 19th of August. Kaotic is a Trading View analyst who is of the opinion that the BTC price will observe a pullback before it will be able to rise past the $12000 mark.
1-Day Bitcoin price analysis
Bitcoin price chart by Trading View
The cryptocurrency was observed trading at the $11977.47 mark as the day began. The price line varied between the $11600 and $11920 levels after it had fallen towards the $11680 mark during the first quarter of the day. At its lowest, the price stood at $11629.58. The cryptocurrency traded at $11773.51 US Dollars at the time of writing.
Will Bitcoin price observe a pullback next?
The Trading View analyst Kaotic highlighted an ascending triangle over the 1-Day chart for the BTCUSD trading pair. The analyst believes that the price line will rise towards the $13000 mark after a brief pullback.
Bitcoin price chart by Trading View
The ascending triangle began in March 2020 and the BTC price rose towards the $11000 level by July. The BTCUSD trading pair ran into strong resistance near the $12000 mark, and the analyst believes that BTC price has not spent enough time in the lower price zones to be able to break past the $12000 resistance.
Bitcoin is expected to fall towards the $10000 to $11000 range, where it will gain more momentum, followed by a retest of the $12000 resistance. In that scenario, the cryptocurrency will most likely break across the strong resistance and rise towards the $13000 mark.
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.
