The Bitcoin price appears to be consolidating between the $10500 support and $12000 resistance. Currently, the bulls do not appear to have the required momentum to break past the $12000 resistance. BTC price rose towards the $11700 level on the 5th of August.
1-Day Bitcoin price analysis
Bitcoin price chart by Trading View
For the 4th of August, the BTC price fell to a day’s low of $11107.60. At the time of writing, the cryptocurrency was observed trading at $11645.03 US Dollars.
What to expect from Bitcoin’s price?
The Trading View analyst Bill Charison suggested that the BTCUSD pair will see a consolidation phase between the current support and resistance.
Bitcoin price chart by Trading View
The analyst explained that the $12000 resistance was too strong for BTC to break, which is why it will show some flat movements in the near future. The cryptocurrency got dumped to the $10500 support after testing the $12000 resistance. The bulls are holding BTC price above the $10500 support, but they’re not strong enough to break the $12000 resistance as of yet; hence the cryptocurrency will consolidate between the support and resistance.
For its next movement, the analyst expected BTC price to fall towards the $10800 mark, then the $10660 level, after which the BTCUSD pair was expected to rise towards $11430, followed by $11600 before entering the current range again. On the 5th of August, the BTC price rose towards the $11700 resistance.
BTC price moves to $11700
The Trading View analyst Atlas Trades suggested that the BTC price will observe an upward breakout from near the $11200 range that it was previously trading in.
Bitcoin price chart by Trading View
The cryptocurrency abruptly dropped from the $12000 level to below the $11000 support line, after which it had been trading inside a range above the $11000 support.
The analyst was of the opinion that if BTC price continues to hold this support, it may break out of the range, turn bullish, and move towards the $11700 resistance to test it again. On the 5th of August, the BTC price turned bullish and made its way to the $11700 level.
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.
