Lorenzo Stroe
Independent Analyst
- After massive volatility caused by several large orders on Binance quarterly contracts, Bitcoin is now stable again.
- BTC/USD was as high as $12,112 before the flash crash to $10,583.
Bitcoin is currently trading at $11,405 and has confirmed an hourly uptrend trying to climb back above $12,000. The overall bullish sentiment is still there but it’s obvious that investors are a bit less inclined to push the price up.
BTC/USD 1-hour chart
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After a confirmed uptrend, buyers were able to bring BTC’s price above both EMAs which have crossed bullishly again. Now, Bitcoin is facing no real resistance levels until the high at $12,112. The next major resistance point after that is $12,325 and then $13,862, the 2019-high.
BTC/USD weekly chart
-637320726877296608.png)
On the weekly chart, buyers are currently forming a bull flag and EMAs are trying to catch up with the price. Again, there are only two resistance levels here as well which means bulls won’t really have a hard time climbing towards $14,000.
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