On August 2, the cryptocurrency market turned bearish, and the major coins made significant downward movements on their charts. The price of Bitcoin fell to the level of $ 11,200 after it broke the $ 12,000 mark in early afternoon trading
What will happen next with the price of Bitcoin?
For the lowest indicator of the day, BTC fell to $ 10713, reaching a daily high of $ 12102.24. At the time of writing, the PTS was trading at 11188.49 us dollars.
Trading View analyst Alan masters believes that the cue ball will fall to the level of $ 10400.
According to its analysis, the cryptocurrency should fall to the level of $ 10500. The analyst noticed a strong bearish divergence between Bitcoin and the moving average convergence indicator (MACD) and the relative strength index (RSI).
Currently, altcoins seem to be recovering from the fall that occurred on August 2, and this may provide a correction to the cryptocurrency market.
Another analyst at Trading View Atlas Trades believes that the price of BTC will rise to the $ 11700 mark. He saw the support level for the BTC / USD pair at 11100, and believes that the crypt will grow to $ 11700 if it continues to hold this support level.