- Bitcoin price rises above $11,000 and staying strong.
- Bitcoin manages to stay afloat beating the volatility in the market.
- Bitcoin likely to see a pull back before stabalising above $11,000 mark.
The Bitcoin price line jumped towards the $11120 price level on the 19th of September. Crypto analysts on Trading View expect the king of cryptocurrency to rise towards the $11300 level, following a short-lived price pullback.
1-Day Bitcoin price analysis
The cryptocurrency observed at day’s high of $11167.07, while the day’s lowest was marked at $10818.83. Bitcoin was priced at $11041.90 US Dollars on Bitstamp at the time of writing.
What to expect from the BTC price?
Trading View analyst Trading Guru believes that the BTCUSD pair will rise towards the $11200 level after observing a pullback. The analyst highlighted an ascending parallel channel, explaining that the cryptocurrency’s price is still at risk to fall towards the $10800 mark. That is where the lower boundary of the ascending channel exists. The cryptocurrency is expected to rise towards the $11200 level.
The analyst has suggested that traders who want to trade at a low-risk level should exit the trade at the golden pocket, near the 0.618 Fibonacci retracement mark. As for the high-risk traders, they should wait and exit right underneath a horizontal level of the $12000 or $12500 horizontal resistance.
What’s next for Bitcoin?
The Trading View analyst Mudrex believes that the BTC price is to see an uptrend soon. The analyst drew their technical analysis for the BTCUSD trading pair on its 1-day chart. The cryptocurrency king has a market capitalization of $202 Billion dollars.
The BTC price has been observing lower highs while the Bollinger Bands appear to squeeze. This means that the cryptocurrency will see a continued uptrend. The trade volume for the BTCUSD pair has seen more green candles than red ones in the recent past. This suggests increased volume for the green candles and decreased volume for the red candles, meaning that the selling pressure has weakened. The BTC price has moved above the midline, and the price is expected to further move up on the charts.
The Moving Average Convergence Divergence (MACD) technical indicator suggests a bullish bias for the cryptocurrency king. The MACD line has moved past the signal line, and the histogram’s size was observed increasing in the positive region of the scale. The Relative Strength Index (RSI) remained in the neutral area with a value of 52.00, thus depicting no oversold or overbought instances for the coin.
BTCUSD forms the head and shoulders pattern
The Trading View analyst Vince Prince believes that the BTCUSD pair will rise towards the $11300 mark up next. The analyst highlighted a head and shoulders pattern for the cryptocurrency on the 1-hour chart.
Per the chart above, the head and shoulders pattern is likely to play out in an ascending parallel channel. The cryptocurrency has been supported by the neckline of the pattern, while the price line broke above after the pattern’s completion. This breakout occurred above the cryptocurrency bounced at the neckline support. Vince Prince is of the opinion that the BTC price will see a pullback, which will then be followed by a bullish run towards the midpoint of the ascending channel. The target price for this trade lies at $11275.00.
Disclaimer: The information provided is not a trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.