BTCUSD Long-term Trend – Bearish
Distribution territories: $8,000.00, $9,000.00, $10,000.00.
Accumulation territories: $6,000.00, $5,000.00, $4,000.00.
BTCUSD value is still slumping downwards as it has been for the past three consecutive months. On 1st of April, a noticeable price retracement occurred while market value was being traded below the distribution territory of $7000.00 and moved above it on the 3rd of April. Eventually, bears took the advantage of the market when a significant slide in price occurred on 4th of April. Moving average 13 is still seen below moving average 50 as the market value continues to witness more selling pressure.
Stochastic oscillator remains crossed closely pointing southward in the oversold zone. However, bullish bias resumption cannot be overlooked but needs to accumulate momentum to drive price through breaking out the distribution territory of $8,000.00 and $9,000.00. In addition to current indicators reading in the long-term analysis, the pair shows some definite strong shorter accumulation territories a bit below immediate accumulation territory of $6,000.00, and towards accumulation territory of $5,000.00. Investors can witness pit stops between those two accumulation territories.
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