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.
Bitcoin has still been slumping this week against the US dollar. The digital asset has continued to lose value as the market favors the US dollar. The market price of BTC has been steadily falling since June 10, June 22 and June 28. Its price was notably was trading in a range-bound between June 23 and 27.
Bitcoin Charts by TradingView
The bulls have consistently been doused by the market, which has mostly been favoring the bears. There’s a wide space between the 50-day SMA and the 14-day SMA as the 50-day SMA is still above. This suggests that there can still be the time for the bears to further take the upper hand.
The Stochastic Oscillators have initially dipped a bit past range 20 but are seemingly having a slight northbound outlook. This suggests that the bears’ strength is gradually fading. The bulls need to muster up strength and push past the strong distribution territories of $800.00 and above.
If not, the bears may hve to stop between current beneficial points as there are some strong foundations in them for the time being. Assertion remains that precautions should be taken while looking for entry points.
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