Bitcoin Long-term Price Analysis

Azeez Mustapha
  • Bitcoin has been able to rebound agaisnt the US dollar this week
  • The bears are seemingly not being able to make life though for the bulls, as much as they used to.

BTCUSD Long-term Trend – Bearish

 

Distribution territories: $8,000.00, $9,000.00, $10,000.00.

Accumulation territories: $5,000.00, $4,000.00, $3,000.00.

Bitcoin’s market value was previously suffering a considerable against the US dollar, but this week it has been able to rebound. The rebounding effect notably started on June 29, last month. The bears have in the past been able to push the cryptocurrency’s price down, slightly below the accumulation territory of $6,000.00.

Bitcoin, BTCUSD, Cryptocompare chartBitcoin Chart by TradingView

The bulls are now regaining territory from the downward trend the cryptocurrency endured. On July 2, the crypto saw a spike in the formation of bullish Japanese candlesticks. The pair, later on, started seeing a ranged movement in its price, a bit above the 14-day SMA from July 3 until today. The 50-day SMA is located above both the current price line and the 14-day SMA.

The Stochastic Oscillators have moved northbound past range 60, and are now pointing north. This indicates that an upward-trend is still much in play. The bears are seemingly not being able to make life though for the bulls, as much as they used to. On the other hand, the bears’ forces could turn the tide against the presumed incoming bullish market, spotted between the distribution territories of $7,000.00 and $7,500.00. Nevertheless, the outlook remains decent for long positions.

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