Bitcoin Technical Analysis: BTC/USD eying up $9,300 after a small 1% price surge
|- BTC/USD is trying to climb above the daily 12-EMA at $9,252.
- Bitcoin is inside a daily downtrend.
Bitcoin has been fairly weak for the past month, especially after losing the daily uptrend. Bulls are now trying to climb and close above the daily 12-EMA, established at around $9,250. This is the first resistance level buyers need to beat, the next is located at $9,322, the daily 26-EMA.
BTC/USD daily chart
-637292153019902608.png){kind=link}
Clearly bulls need to prove themselves. The 12-EMA is the most important resistance level now but it won’t necessarily mean Bitcoin is ready for a trend reversal. The most likely scenario is going to be a lower high compared to $9,786 followed by a higher low from $8,823. After that point, Bitcoin can establish a daily equilibrium pattern or change the trend into an uptrend.
BTC/USD technical levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.