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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.
Bitcoin Technical Analysis: BTC/USD 4-hour downtrend could turn into an equilibrium pattern
Lorenzo StroeLorenzo StroeIndependent 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 price9404.7
Today Daily Change138.12
Today Daily Change %1.49
Today daily open9266.58
 
Trends
Daily SMA209497.54
Daily SMA509143.45
Daily SMA1007975.23
Daily SMA2008159.1
 
Levels
Previous Daily High9977.36
Previous Daily Low9072.17
Previous Weekly High10404.88
Previous Weekly Low9279.17
Previous Monthly High10074.48
Previous Monthly Low8105.58
Daily Fibonacci 38.2%9417.95
Daily Fibonacci 61.8%9631.58
Daily Pivot Point S18900.05
Daily Pivot Point S28533.51
Daily Pivot Point S37994.86
Daily Pivot Point R19805.24
Daily Pivot Point R210343.9
Daily Pivot Point R310710.43

Author

Lorenzo Stroe

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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