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Home News Bitcoin News

Bitcoin price sees an uptrend to $11700, what’s next?

Taha Farooqui by Taha Farooqui
August 5, 2020
in Bitcoin News
2 min read
Bitcoin price sees an uptrend to $11700, what's next?
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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 1 - 5 August

Bitcoin price chart by Trading View

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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 2 - 5 August

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 3 - 5 August

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.

Taha Farooqui

Taha Farooqui

Taha specializes in copywriting & translating texts. He aims to cover cryptocurrencies & blockchain in both English and local dialects in the Middle Eastern regions. He has helped write, translate, and localize the material related to cryptocurrencies and blockchain.

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