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.

Bitcoin against US dollar continues to witness more of its movement in the bearish direction. Last week, the pair managed to test the distribution territory of $9,000.00 and made a turbulent reversal. It has now been trending southward consecutively since the beginning of the week and on Wednesday broke the accumulation territory of $8,000.00 of the last week.

Stochastic oscillator is still found crossed and pointing more downward in the oversold zone. The Moving average 13 lies far below the moving average 50 and both are trending southward.

Bitcoin, BTCUSD, Cryptocompare chart

One thing that should be noted, however, is that a breakdown of the current downward trend and a quick reversal could suggest that the bull is about to have the market advantage. Investors can watch out for a strong bullish candlestick denoting an end to the current bearish trend before taking a long position. Moreover, the bearish trend could stay in place for many more days or weeks to come.

 

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