Bitcoin Technical Analysis: BTC/USD trades sideways but it’s on the verge of a breakout
|- Bitcoin has been trading sideways for the past week and it’s flattening out.
- BTC/USD has defended the daily 12-EMA several times which indicates decent bull strength.
Bitcoin is trading at $9,750 at the time of writing with very little trading action today. One of the most important indicators for which direction Bitcoin is most likely looking to take is the daily 12-EMA. The bulls managed to defend this level for almost two weeks. The most recent fall below the 12-EMA and the 26-EMA happened on May 24 when BTC dropped to $8,690. However, bulls pushed Bitcoin back up above both EMAs and continued with the daily uptrend.
BTC/USD 4-hour chart
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The 4-hour chart is extremely flat except for a few volatile candlesticks. Bitcoin is also trading above the 12-EMA and the 26-EMA here. The nearest resistance level is a high formed on June 9 at $9,843 followed by a spike at $9,891. After that, the bulls are looking at the $10,000 resistance level and the entire area between $10,000 and $10,500, the most crucial resistance area for Bitcoin.
BTC/USD technical levels
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