Bitcoin Technical Analysis: BTC/USD 4-hour downtrend could turn into an equilibrium pattern

Bitcoin was rejected from $10,000 again and suffered a big hit yesterday on June 11.
BTC/USD is now in a confirmed 4-hour downtrend but not everything is lost for the bulls.

Lorenzo Stroe Independent Analyst

It’s quite apparent that Bitcoin has lost some of its strength in the last few days and it’s currently trading below $9,500 at the time of writing. Bulls have lost the daily 12-EMA and the 26-EMA which are acting as resistance levels now. The daily RSI is extremely oversold and could help the bulls push Bitcoin back up to $9,500.

BTC/USD 4-hour chart

Obviously, there has been a clear shift in momentum and bears have the upper hand now. The battle for the 12-EMA at $9,519 is on. The only hope for the bulls in the short-term would be to hold a higher low compared to $9,072 and confirm an equilibrium pattern or an uptrend directly. If the equilibrium pattern plays out correctly, we could see Bitcoin trade sideways between $9,100 and $9,500 all weekend.

BTC/USD technical levels

BTC/USD

Overview
Today last price	9404.7
Today Daily Change	138.12
Today Daily Change %	1.49
Today daily open	9266.58

Trends
Daily SMA20	9497.54
Daily SMA50	9143.45
Daily SMA100	7975.23
Daily SMA200	8159.1

Levels
Previous Daily High	9977.36
Previous Daily Low	9072.17
Previous Weekly High	10404.88
Previous Weekly Low	9279.17
Previous Monthly High	10074.48
Previous Monthly Low	8105.58
Daily Fibonacci 38.2%	9417.95
Daily Fibonacci 61.8%	9631.58
Daily Pivot Point S1	8900.05
Daily Pivot Point S2	8533.51
Daily Pivot Point S3	7994.86
Daily Pivot Point R1	9805.24
Daily Pivot Point R2	10343.9
Daily Pivot Point R3	10710.43

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.

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Bitcoin Technical Analysis: BTC/USD 4-hour downtrend could turn into an equilibrium pattern