Bitcoin Technical Analysis: BTC/USD selling pressure continues mounting hinting at a possible trend reversal
- BTC/USD got rejected again after closing above $12,000.
- Bitcoin bulls are trying to defend the daily 12-EMA to not lose all momentum.
Bitcoin is currently trading at $11,733 after an extended pullback from the rejection at $12,481. Unfortunately, Bitcoin couldn’t hold its price above the crucial $12,000 resistance and then support level.
BTC/USD daily chart
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Bulls are trying to defend the $11,768 support level (12-EMA) to maintain some of their momentum. Te last higher low is established at $11,125, a loss of this level would confirm a daily downtrend and a clear reversal.
BTC/USD 4-hour chart
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Bitcoin is seeing an extended pullback here dropping below both EMAs which have just turned bearish. The next significant support level is located at $11,400 followed by $11,125 and of course, $11,000.
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.
