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.
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
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.
