BTCUSD Long-term Trend – Ranging
Distribution territories: $7,600, $8,600, $9,600.
Accumulation territories: $5,600, $5,100, $4,600
Bitcoin has been maintaining its price range between the $6,800 and $6,000 territories, which both seem to be a long-term resistance and support, respectively. The market is seemingly stagnant and will stay this way until BTC breaks out of its range in either direction.
On October 11, the cryptocurrency saw the formation of a bearish Japanese candlestick that lacked the momentum to force the cryptocurrency down below the $6,000 mark. On October 14, BTC’s price went north past the two SMAs within the range, touching the its upper region.
The price has been moving around the 14-day SMA, and it now appears the two SMAs are in the same territory. The Stochastic Oscillators are bent southwards above range 40. Traders are advised to be cautious when entering positions as the market could face a strong consolidation move. Entering the market along with a strong bullish trend could be a good option.
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