BTCUSD Long-term Trend - Ranging
Distribution territories: $8,500, $9,500, $10,500.
Accumulation territories: $5,500, $4,500, $3,500.
The cryptocurrency markets have been plagued by a bearish trend and Bitcoin wasn’t an exception. This week, Bitcoin’s price went down towards the accumulation territory of $5,800, against our projected value of $5,500.
It has as well been observed that the cryptocurrency has experienced a certain degree of ranging movements in its price. Currently, BTC’s price is fluctuating between the distribution and accumulation territories of $6,800 and $5,800.
The bulls haven’t had a strong presence in the market, as the crypto’s price has been easily dragged down. It has now been hovering along the 14-day SMA’s trend-line. The 14-day SMA has intersected the 50-day SMA from the top.
Stochastic Oscillators have penetrated into the oversold zone, and now point north. This suggests the bulls are striving hard re-enter the market. The current ranging movements in BTCUSD may be maintained for the next few days, a period in which the bears will likely have the upper hand.
A bullish market may be confirmed if the distribution territory of $6,800 is breached. Any visible strong price move has the potential of profitably being used by traders. Investors may consider buying while the price dips.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.