Bitcoin Technical Analysis: BTC/USD is stable but an explosive move towards $13,000 could happen at any moment
- Bitcoin continues trading around $11,500 while defending the daily 12-EMA.
- Bulls are happy to see indicators cooling off while maintaining the same price.
Bitcoin is currently trading at $11,500 seeing a significant decrease in trading volume and losing a lot of market dominance due to altcoins posting huge gains.
BTC/USD daily chart
Bulls have defended the 12-EMA at $11,436 for the past two days and are looking for a bounce towards $12,000. The current daily uptrend is still intact and the last week of consolidation has been actually positive for Bitcoin as it cooled off several indicators.
BTC/USD 4-hour chart
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Bitcoin is just picking up momentum on the 4-hour chart but has been rejected from the 12-EMA and the 26-EMA. The 4-hour downtrend will prevail unless the bulls can climb above $12,100 or set a lower high followed by a higher low and then break the last high.
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.
