BTCUSD Long-term Trend - Bullish
Distribution territories: $9,000, $10,000, $11,000.
Accumulation territories: $7,000, $6,000, $5,000.
Bitcoin’s price has been rising tremendously against the US dollar for the last few days. A Japanese candlestick that emerged on July 16 led to the intersection of the two SMAs, as the 14-day SMA has crossed the 50-day SMA from below.
Between July 18 and 22, the cryptocurrency was in a range-bound. On July 23, The bulls picked Bitcoin up and were able to strongly push it northbound, a bit past the distribution territory of $8,400. On July 25, the market kept rising, above the $8,400 line, but soon retracted towards the bottom price point of a Japanese bullish candlestick that occurred on July 24.
The 50-day SMA is a bit below the $7,000 mark. The Stochastic Oscillators have dipped past range 80 and are currently consolidating above said range. This shows traders need a bit of patience as the bulls have seemingly remained in control and are now expected to push the price past the distribution territory of $8,400.
The bears' forces seem to be fading out of BTC. Therefore, traders can keep on looking out for decent buying options whenever they come up.
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