Bitcoin Weekly Price Analysis – March 3

BTCUSD Long-term Trend: Bullish

Accumulation territories: $10,000.00, $9,000.00, $8,000.00.

Distribution territories: $12,000.00, $13,000.00, $14,000.00.

BTCUSD has sharply recovered from its downward trend as experienced some weeks back ago. The indicator SMA 13 has crossed the SMA 50 from below at $8,000.00 with a formation of bullish candle stick which has kept the market on a strong signal for bullish bias confirmation.

Bitcoin, BTCUSD, CryptoCompsre chart

Investor can take an advantage of entering the market by opening a long position at price territories between $10,000.00 and $11,000.00. Though, a slight downward movement could still occur in a momentum accumulation territories.