Bitcoin (BTC) Long-term Price Analysis

Azeez Mustapha
  • On September 13 a spike in bitcoin's price saw it pass the $6,500 mark.
  • A breakout above $6,800 seems to prevent the cryptocurrency from seeing further lower highs and lower lows.

BTCUSD Long-term Trend - Bullish

Distribution territories: $7,600, $8,600, $9,600.

Accumulation territories: $6,000, $5,000, $4,000.

Bitcoin’s price went down to a low in the $6,100 territory on September 8. Earlier this week, on September 9, the cryptocurrency started seeing a series of lower highs towards the territory of $6,400, until September 12. The next day, its price spiked to breach the $6,400 territory, and went northward past the $6,500 mark.

Bitcoin, BTCUSD, Cryptocompare chartBitcoin Chart by TradingView

Bitcoin as now been averaging northward, towards the 14-day SMA’s trendline. Both SMAs are bent southward, between the territories of $7,000 and $6,400. The Stochastic Oscillators went past range 20, and are pointing north, which suggests the bulls may take over the market and drive it upward.

A breakout above $6,800 seems to prevent the cryptocurrency from seeing further lower highs and lower lows. The accumulation territory of $6, 000 has become the baseline the bears will need to break to push towards the territories of $5,500 and $5,000. Investors may consider entering the market now.

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