The Bitcoin price line ascended past the $11450 level on the 3rd of August. The cryptocurrency is expected to rise towards the $14000 mark if it continues to hold the $10500 support.
1-Day Bitcoin price analysis
Bitcoin price chart by Trading View
At the start of the day, the cryptocurrency traded above the $10950 mark. For the day’s lowest, BTC was observed at $10969.27, while Bitcoin rose to a day’s high of $11478.74. At the time of writing, Bitcoin was observed trading at $11312.10 US Dollars.
What to expect from Bitcoin’s price?
The Trading View analyst Trading Shot is of the opinion that the BTCUSD pair will see a rise towards the $13900 mark.
Bitcoin price chart by Trading View
An 11-month resistance lies at the $10500 level. This resistance is very important for BTC. Bitcoin had finally broken above this resistance level that it had been testing for the past 11 months. The analyst believes that the cryptocurrency will now attempt to test the resistance near $13900 after traveling in an ascending channel.
However, it is important that the cryptocurrency king holds the $10500 support level. The Logarithmic Moving Average Convergence Divergence (LMACD) technical indicator is expected to make a bearish cross soon.
The channel up pattern appears to be the dominant one here, though the lower high trendline that starts from June 2019 has supported the price action for BTC with multiple attempts at a breakout. So if the price bounces back towards the downside, this trendline will act as a support for the trading pair.
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.
