Bitcoin Technical Analysis: BTC/USD is ready for another attempt at cracking $12,000

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  • BTC/USD is currently trading at $11,203 after some brief consolidation.
  • Bitcoin suffered a significant flash crash but managed to recover almost instantly.

Bitcoin has been somewhat flat in the past two days after a dip to $10,583 caused by someone placing several large orders on Binance’s quarterly futures contract. The whale made Bitcoin price almost reach $100,000 on Binance and triggered bots in the spot market creating a massive sell wave. 

BTC/USD 4-hour chart

BTCUSD

The recent dip was actually helpful for Bitcoin, the RSI has cooled off and Bitcoin is ready for the next leg up. Unfortunately, the 12-EMA and the 26-EMA are on the verge of a bear cross but, bulls have established a higher low and only need to climb above $11,482 to confirm a 4-hour uptrend.

BTC/USD daily chart

btcusd

The 12-EMA is slowly catching up with the current price but it’s still only at $10,849. If Bitcoin sees another pullback, bulls can use both EMAs as support levels. On the daily chart, the only resistance level is $12,112 followed by $12,325, the high of August 2019.

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