Bitcoin Long-term Price Analysis

Azeez Mustapha
  • The bears are striving to pull the cryptocurrency's price down toward the strong, long-standing accumulation territory of $6,000.00.
  • A weakening bearish trend can either lead to a free fall or make way for a strong reversa

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.Bitcoin, BTCUSD, Cryptocompare chartSource: 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.

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