Bitcoin Weekly Price Analysis – March 24

Azeez Mustapha

BTCUSD Long-term Trend – Bearish

Distribution territories: $10,000.00, $11,000.00, $12,000.00.

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

BTCUSD pair has been able to rally from a lower accumulation territory of $8000.00 and tested last week immediate distribution territory of $9000.00. Currently, the price is rallying, but the momentum is not yet strong. Despite a noticeable spike in the price action a few days ago, the market has been trading between the moving average 13 and the moving average 50. The stochastic oscillator in the chart remains crossed and pointing southward.

Bitcoin, BTCUSD, Cryptocompare chart

The moving average 13 has also crossed the moving average 50 to the upside; indicating a confirmation that the trend is still of more bearish than bullish as at the time of writing.

However, the current price move could form an accumulation territory on top of the trading chart. This will be a strong indication of a continuation to higher highs.  However, when moving upward, price doesn’t reach an accumulation territory at the top of the trading range and managees to fall back inside the trading territory of $9,000.00 and $8,000.00, this could suggest a strong bearish signal that a potential markdown in price is in offing in the next fseveral days and few weeks.

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research. 

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