Lorenzo Stroe
Independent Analyst
- 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
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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
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