BTCUSD Long-term Trend - Bearish
Distribution territories: $8,500, $9,500, $10,500.
Accumulation territories: $6,500, $5,500, $4,500.
The bears have been successfully managing to be the dominant force moving Bitcoin’s price against the US dollar this week. A few weeks ago, Bitcoin appreciated against the US dollar. The last time the cryptocurrency strived to touch the current immediate distribution territory of $8,500 was on July 24.
On the following day, July 25, the bears managed to stage a strong presence in the market. Between July 26 and July 30, the cryptocurrency experienced a short confluence of two Japanese candlesticks and ranging movements.
Whilst on July 31, BTC fell southbound to breach past the territory of $8,000 and the 14-day SMA trend-line. The bears are now strongly pushing the trend southwards as the bulls are seemingly resting and recovering their strength.
The 14-day SMA is above the 50-day SMA with a wide gap. The Stochastic Oscillators have crossed and moved to touch range 60 from the overbought zone, and still point south. This suggests there could still be more bearish movements than bullish movements.
Bitcoin may experience more declining movements towards the territory of $6,500 in a slow motion or range format. The bulls currently seem unable to push the market north, an inability they may keep for a while. Traders may follow the current bearish market down to the accumulation territory of $6,500 with decent fund management rules.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.