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