Bitcoin Technical Analysis: BTC/USD under a 4-hour healthy consolidation
- BTC/USD is currently under a healthy consolidation on the 4-hour chart.
- The 12-EMA and the 26-EMA are on the verge of a bull cross on the same chart.
Bitcoin has recovered considerably well from the crash on June 15. The 4-hour chart is now almost in an uptrend and bulls were able to climb above both EMAs which are inches away from a bull cross. Bitcoin peaked at $9,588 but the rejection was healthy and bulls are looking for another leg up within the next 24 hours.
BTC/USD 4-hour chart
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There has been a clear shift in momentum for Bitcoin and bulls are back in control. As long as they hold the 12-EMA and the 26-EMA, they will remain comfortable. The next resistance level is now established at $9,589, the last 4-hour high, however, above that level, there is basically no opposition until $9,900 and $10,000, of course.
BTC/USD 1-hour chart
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The hourly chart is weaker and has formed a clear double top into a slight crash but bulls are defending the 12-EMA still. The hourly chart is in a downtrend again but as long as BTC continues to maintain the 12-EMA at $9,490, it will stay in good shape even in a downtrend.
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.
