BTCUSD Long-term Trend: Bearish
Distribution territories: $9,000.00, $10,000.00, $11,000.00.
Accumulation territories: $8,000.00, $7,000.00, $6,000.00.
The pair failed to break above the key distribution territory of $10,000.00 a few days ago. It’s been trading downwards towards the last week trend. The stochastic oscillator on 6-month chart has crossed the overbought territory pointing downward and the 13-moving average has also crossed the 50-moving average from the top and all these have made the market trend towards accumulation territories of $9,000.00, $8,000.00 and $7,000.00, possibly in extension as at the time of writing.
The market retracement session could still be experienced throughout the week. In other words, should price of Bitcoin reverse against the US dollar and break the next distribution territory of $10,000.00 and move up to another distribution territory at $11,000.00 which could strongly confirm the expected bullish movement and extend to the territory of $12,000.00. It might not be so soon for the current price to reverse from its downward movement.
