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The crypto market turned bullish on the 20th of August, the Bitcoin price line rose past the $11880 before closing. The BTC price is expected to rise towards the $12400 level next.
1-Day Bitcoin price analysis
Bitcoin price chart by Trading View
The cryptocurrency fell to a day’s low of $11680.78. In the evening, the cryptocurrency king’s price rose to a day’s high of $11894.24 US Dollars. At the time of writing, Bitcoin was observed trading at $11842.37 US Dollars.
What to expect from BTC?
The Trading View analyst Atlas Trades believes that the BTC price will rise towards the $12100 level.
Bitcoin price chart by Trading View
The cryptocurrency has held an important support level near the $11600 level, and it is expected to rise towards the $12100 level next, where the nearest resistance lies.
What’s next for Bitcoin’s price?
The Trading View analyst Romeo Deris highlighted the BTCUSD trading pair in an ascending parallel channel. The cryptocurrency is expected to rise towards the $12400 level.
Bitcoin price chart by Trading View
An important resistance was drawn at the $11635 level which stretches in the middle of the ascending parallel channel. The cryptocurrency moved above the resistance, which is now a support level, on the 13th of August. The BTC price tested the $12400 mark on the 17th August, after which it bounced back towards the $11635 support. BTC price has held the support level, and it is now expected to retest the resistance near the $12400 mark.
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.
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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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