The Bitcoin price line rose above the $11880 mark on the 6th of August. The cryptocurrency was expected to approach a short-term buying zone near the $12000 mark.
1-Day Bitcoin price analysis
Bitcoin price chart by Trading View
For the day’s lowest, the cryptocurrency fell to the $11583.21 mark. At the time of writing, Bitcoin was observed trading at $11867.3 US Dollars.
What to expect from Bitcoin’s price?
The Trading View analyst Trading Shot is of the opinion that the BTCUSD pair will retest the resistance zone near the $12000 mark.
Bitcoin price chart by Trading View
The analyst explained that the cryptocurrency has been trading in an ascending parallel channel, where the price had mostly been consolidating while the buyers were accumulating. A support zone was marked in green below the trading pair, while the resistance zone, marked near $12000, was the highest price acquired by the trading pair in 2020.
The Logarithmic Moving Average Convergence Divergence (LMACD) technical indicator is said to form a buying pattern while the Relative Strength Index (RSI) appears to be descending on the 4-Hour chart. This shows that the current trend is showing weakness.
A buy zone for BTCUSD?
The Trading View analyst Yuriy Bishko indicated a possible buy zone for the BTCUSD pair.
Bitcoin price chart by Trading View
The analyst drew an ascending parallel channel in which the cryptocurrency king seems to be trading in from the 27th of July. The analyst believes that this is a buying opportunity for a short-term trade if the candles break above the ascending parallel trading channel.
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.
