Bitcoin Technical Analysis: BTC/USD is ready for another attempt at cracking $12,000
- BTC/USD is currently trading at $11,203 after some brief consolidation.
- Bitcoin suffered a significant flash crash but managed to recover almost instantly.
Bitcoin has been somewhat flat in the past two days after a dip to $10,583 caused by someone placing several large orders on Binance’s quarterly futures contract. The whale made Bitcoin price almost reach $100,000 on Binance and triggered bots in the spot market creating a massive sell wave.
BTC/USD 4-hour chart
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The recent dip was actually helpful for Bitcoin, the RSI has cooled off and Bitcoin is ready for the next leg up. Unfortunately, the 12-EMA and the 26-EMA are on the verge of a bear cross but, bulls have established a higher low and only need to climb above $11,482 to confirm a 4-hour uptrend.
BTC/USD daily chart
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The 12-EMA is slowly catching up with the current price but it’s still only at $10,849. If Bitcoin sees another pullback, bulls can use both EMAs as support levels. On the daily chart, the only resistance level is $12,112 followed by $12,325, the high of August 2019.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
