Bitcoin price approaches $11800, what’s next?

Description

The Bitcoin price line rose to the $11800 mark on the 13th of August. Crypto analysts on Trading View believe that BTC price may observe a breakout towards the upside and rise to the $13000 mark. 1-Day Bitcoin price analysis Bitcoin price chart by Trading View At the day’s lowest, the cryptocurrency fell to $11276.34. … Read more

The Bitcoin price line rose to the $11800 mark on the 13th of August. Crypto analysts on Trading View believe that BTC price may observe a breakout towards the upside and rise to the $13000 mark.

1-Day Bitcoin price analysis

Bitcoin price chart 1 - 13 August

Bitcoin price chart by Trading View

At the day’s lowest, the cryptocurrency fell to $11276.34. At the time of writing, Bitcoin traded at $11752.0 US Dollars.

What to expect from Bitcoin’s price?

The Trading View analyst Faibik is of the opinion that the BTCUSD pair is trading inside an ascending triangle pattern and that it will observe a breakout towards the upside, which will allow the BTC price to move past the $12750 mark.

Bitcoin price chart 2 - 13 August

Bitcoin price chart by Trading View

On the 21st of July, BTC price broke above a descending triangle pattern and rose past the $11850 level with almost 27% gains towards the upside. The cryptocurrency has been forming a descending triangle pattern ever since the 31st of July while it has tested the triangle’s upper boundary multiple times.

As per this idea, the cryptocurrency will soon break out of this descending triangle and move across the $12750 mark. If the idea takes place, then BTC price will move towards the $13000 level next. On the contrary, if Bitcoin breaks below the triangle, then the cryptocurrency’s price will fall towards the $10600 to $10800 range.

What’s next for BTC?

Trading Axis is another Trading View analyst who highlighted that the BTCUSD pair is forming an ascending triangle. The analyst drew this triangle on the 4-Hour chart for the trading pair.

Bitcoin price chart 3 - 13 August

Bitcoin price chart by Trading View

Currently, the BTCUSD pair appears to be accumulating while the resistance of the ascending triangle lies near the $12000 mark. The cryptocurrency has previously tested the upper boundary twice. As per the idea, if BTC price breaks towards the upside from the triangle, then the price will rise towards the $13000 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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