Bitcoin Long-term Price Analysis

Azeez Mustapha
  • The last time Bitcoin was able to make a strong move on the market was on May 5.
  • The bulls may eventually take over the market from a reversal of any bearish movement.

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.Bitcoin, BTCUSD, Cryptocompare chart

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.

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