BTCUSD Long-term Trend – Bearish
Distribution territories: $9,000.00, $10,000.00, $11,000.00.
Accumulation territories: $7,000.00, $6,000.00, $5,000.00.
On the 12th, Thursday, BTCUSD price was able to make a significant northward movement from below the accumulation territory of $6,000.00. The price spiked considerably worldwide and managed to breach slightly above the distribution territory of $8,000.00 and now currently averaging in a range bound format around the same distribution territory of $8,000.00.
Moving average 13 is now seen curved pointing northward, below moving average 50 as price seemingly forms a short ranging move that indicates bulls are currently trying to push past distribution territory of $8,000.00. Stochastic oscillators have also crossed, and are freshly above 50 range showing a wider-mouth opened pointing northward not too far from the oversold zone. Following the recent sharp spike in the BTC/USD market value, bulls could start taking up the market advantage on the pair. Probably, while price is moving northward, traders can experience pit stops between distribution territory of $8,000.00 and a bit above distribution territory of $9,000.00 as those areas mark some definite strong shorter distribution territories. A strong retracement from those areas could give way to experiencing bears back into play for a few weeks.
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