Bitcoin Long-Term Price Analysis

  • Bitcoin is still plagued by bearish sentiment in the long-term
  • The price is below the 13-day SMA which further justifies bearish presence.

BTCUSD Long-term Trend – Bearish

Distribution territories: $11,000.00, $12,000.00, $13,000.00.

Accumulation territories: $7,000.00, $6,000.00, $5,000.00.

Bitcoin has remained bearish within the distribution territory of $10,000.00 and the accumulation territory of $8,000.00. All of the bulls’ efforts to push the price higher have been rejected by the bears.

Bearish pressure took the pair down to the accumulation territory at $7,940. Bitcoin was around this accumulation territory on April 17. The bulls came back in the market a little stronger as they received catalysts that helped push the price back above the $8,000 accumulation territory. It is currently above the 50-day SMA, but still below the 13-day SMA.

Bitcoin, BTCUSD, Cryptocompare chart

Stochastic Oscillators are down to the oversold region, but reveal sign that could justify bullish momentum in the long-term. This implies that sentiment for further bearish momentum exists in the pair. Traders should watch out for good bullish exhaustion and reversal candles to go short as the bears seem to still be in control of the pair.

 

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