- Bitcoin price sees a drop below $10,800.
- Bitcoin likely to get back to a new price high.
The Bitcoin price line was observed under a downtrend on the 20th of September. The cryptocurrency made its way towards the $10800 mark. The price line varied between the $10760 and $11160 levels over the 24-hour trade.
1-Day Bitcoin price analysis
The cryptocurrency’s price fell to at day’s low of $10775.14. The king of cryptocurrency was priced at $10873.64 US Dollars on Bistamp at the time of writing. The 24-hour price low was observed at $10873.64.
What’s next for the BTC price?
The Trading View analyst X Force Global is of the opinion that the BTC price line will either rise past the $11200 mark to continue the bullish ascension, or the cryptocurrency will fall below the rising trendline which is currently the support level for the cryptocurrency king.
The cryptocurrency is facing a strong resistance near the support-turned-resistance between $11200 and $11300. The Relative Strength Index (RSI) has also depicted a bearish divergence on the 4-hour scale. The technical indicator lies near 60.00. Bitcoin trades above a rising wedge support level since the 9th of September. The price line has recently observed the bearish divergence and it dropped towards the support mark.
Per the analysis, if the cryptocurrency breaks below the rising support then the price will see a turn of the trend, which will allow BTC to return towards the support mark once the price stops falling.
Can Bitcoin rise to $12000?
The Trading View analyst Rocket Bomb is of the opinion that the BTC price will rise towards the $12000 level after observing a few sideways movements.
The cryptocurrency has observed a buy signal on the Moving Average Convergence Divergence (MACD) technical indicator. The blue line has crossed above the orange line. The analyst believes that the cryptocurrency will rise towards the $11600 level at first, which will be followed by a pullback towards the $11000 mark. In the long-term trade, Bitcoin is expected to rise towards the $12000 resistance level with a target price of $12069.17.
What to expect from Bitcoin?
The Trading View analyst Alan Masters believes that Bitcoin is currently facing resistance from the 200-Day Moving Average (200MA) near $11100. The crypto analyst is of the opinion that the price will either fall towards the $10300 soon, or the $9800 level later.
Per the analysis, the 200MA is depicting rejection on the 4-hour chart. The MACD line has also shown a bearish cross on its scale, while a bearish divergence has also been recorded between the trading pair and the MACD. The cryptocurrency’s price appears to be breaking below the 10-Day Exponential Moving Average (10EMA). All of this suggests that the cryptocurrency is about to fall bearish.
Bitcoin to see a price fall ahead?
The Trading View analyst GoldFxcc is of the opinion that the BTCUSD trading pair is currently inside a descending parallel channel. The analyst believes that the BTC price will fall towards the $9000 mark soon.
The cryptocurrency fell below an important support line on the 3rd of September. Per the chart above, the BTC price has tested the support-turned-resistance near $11300 after touching the bottom of the descending parallel channel.
The analyst believes that the cryptocurrency has run out of the bullish momentum, and the cryptocurrency will now fall towards the $10600 support, followed by the $10200 support, and eventually the bottom of the descending channel. The BTCUSD trading pair will have to break below the descending channel and fall towards the $9000 mark.
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.