BTCUSD Long-term Trend – Ranging
Distribution territories: $7,500, $8,500, $9,500.
Accumulation territories: $6,000, $5,000, $4,000.
Earlier this week, on September 23, Bitcoin saw its value drop against the US dollar until September 25. The cryptocurrency then on September 27 saw its price surge, which changed its initial bearish conditions to enter a ranging trend between the territories of $6,800 and $6,400.
Bitcoin Chart by TradingView
The cryptocurrency’s price has been struggling to go past a low point that emerged on September 5 against the US dollar. Throughout a week, the price has been between the territories of $6,800 and $6,250. The 50-day SMA is over the 14-day SMA with a tight space between them.
For over a week, the Stochastic Oscillators have been moving north-east as they currently managed to touch range 60. This means the crypto’s price is expected to be influenced by upward price movements. In the last month, bitcoin has been frequently traded between the $7,500 and $6,000 territories.
The crypto will be using the territories of $6,500 and $6,000 or a bit below it as foundational regions to muster its strength against the US dollar.
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