- 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
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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.