BTCUSD Long-term Trend – Ranging

Distribution territories: $7,000, $8,000, $9,000.

Accumulation territories: $5,500, $5,000, $4,500

The price of Bitcoin against the US dollar has been coming up and down in the last few trading sessions, still within its range’s boundaries. The cryptocurrency’s price rose northwards from around $6,325 to see a high of about $6,540.

Bitcoin, BTCUSD, Cryptocompare chartBitcoin Chart by tradingView

The crypto wasn’t able to push forward as it lost its momentum. Bitcoin’s price then started dropping and even dipped below the 14-day SMA for a short period of time. The two SMAs are currently within the $6,600 and $6,200 range, with the 50-day Sma being above the 14-day SMA.

The Stochastic Oscillators are heading towards range 40 and point south. While a breach of one of the range’s boundaries will lead to a specific scenario, a fierce movement will eventually come. A bullish trend will likely be favored, while a quick bearish reversal may in the meantime take up some of the market’s force.

The views and opinions expressed here do not reflect that of and do not constitute financial advice. Always do your own research.