BTCUSD Long-term Trend – Bearish
Distribution territories: $9,000.00, $10,000.00, $11,000.00.
Accumulation territories: $5,000.00, $4,000.00, $3,000.00.
The selling pressure against Bitcoin was as visible on June 22 this week. The cryptocurrency had previously seen its value go down over a week ago. Because of the strong selling pressure, the bears managed to pull its price down towards the strong accumulation territory of $6,000.00.Source: CryptoCompare
The cryptocurrency was trading in a range-bound between June 12 until June 21. Now, BTCUSD is still briefly succumbing to the bears’ strength. The 50-day SMA is still above the 13-day SMA, as it has crossed the accumulation territory of $8,000.00 from the top.
The 13-day SMA, has been seeing the price action fall after touching its trend-line from below. The Stochastic Oscillators initially dipped fairly into the oversold zone but are now above range 20 and pointing south.
The bearish trend still appears to have a strong influence over the cryptocurrency, potentially taking it to break the long-standing accumulation territory of $6,000.00. If that, it can either lead to a free fall or make way for a strong reversal. Investors can be very cautious of selling off the crypto asset while traders are expected to enter their positions with prper financial management strategies.
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