Bitcoin Weekly Price Analysis – March 17

BTCUSD Long-term Trend – Bearish

Distribution territories: $9,000.00, $10,000.00, $8,500.00.

Accumulation territories: $8,000.00, $7,000.00, $6,000.00.

A bearish bias continues to occur on the BTCUSD pair. Both moving averages 13 and 50 point southwards. Stochastic Oscillator remains crossed from top and also points in the direction of the south.

Bitcoin, BTCUSD, Cryptocompare chart

A slight upward movement could as well be experienced and if this happens, a reversal could be expected which might eventually indicate resumption of bullish movement as once experienced some weeks previously. The southward trend on BTCUSD is expected to continue as long as there is a possibility of price action to form a reversal after an upward spike in the current market movement which could occur from the immediate accumulation territory of $8,000.00.

And this temporary spike could later lead to market movement southward to $8,000.00, $7,000.00 and extend to $6,000.00.