Lorenzo Stroe
Independent Analyst
- Bitcoin continues trading around $11,500 while defending the daily 12-EMA.
- Bulls are happy to see indicators cooling off while maintaining the same price.
Bitcoin is currently trading at $11,500 seeing a significant decrease in trading volume and losing a lot of market dominance due to altcoins posting huge gains.
BTC/USD daily chart
Bulls have defended the 12-EMA at $11,436 for the past two days and are looking for a bounce towards $12,000. The current daily uptrend is still intact and the last week of consolidation has been actually positive for Bitcoin as it cooled off several indicators.
BTC/USD 4-hour chart
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Bitcoin is just picking up momentum on the 4-hour chart but has been rejected from the 12-EMA and the 26-EMA. The 4-hour downtrend will prevail unless the bulls can climb above $12,100 or set a lower high followed by a higher low and then break the last high.
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