BTCUSD Long-term Trend – Bearish
Distribution territories: $10,000.00, $11,000.00, $12,000.00.
Accumulation territories: $6,000.00, $5,000.00, $4,000.00.
The US dollar has been pushing against Bitcoin, flagship cryptocurrency. The last time BTC made a strong move was on May 5, as on that day, it was surged thanks to the bulls, to to the point of touching the distribution territory of $10,000.00.
The 13-day SMA has crossed the 50-day SMA from the top while the price is trying to push upward against the trend-line of the 13-day SMA. The stochastic oscillators have crossed and are now pointing northward in the oversold zone.
The bears can still slightly drive the market trend a bit below the accumulation territory of $7,000.00, at least for a while. The bulls may eventually take over the market from a reversal of any bearish movement. Position traders can be on the lookout for long trade entries, just like the investors.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research