Bitcoin (BTC) Long-term Price Analysis – December 2

Azeez Mustapha
  • Bitcoin's current range could mean the bears will eventually be able to gather momentum to push southward.
  • The cryptocurrency’s price correction would, as such, go as far down as the $3,200 and $2,400 territories.

BTCUSD Long-term Trend – Ranging

Distribution territories: $5,600, $6,600, $7,600

Accumulation territories: $3,000, $2,000, $1,000

The price of Bitcoin against the US dollar has been declining in the last few weeks, going from over $6,400 to little under $4,000 before recovering. Recently, the cryptocurrency’s price made a push past the $4,400 accumulation territory.

Bitcoin, BTCUSD, Cryptocompare chartBitcoin Chart by TradingView

On November 25, the cryptocurrency briefly went below the $3,600 mark. On Nov. 29, BTC only managed to touch the $4,400 range, below the 14-day SMA’s trend-line. It has now been ranging between the $4,400 and $3,600 marks. The 50-day SMA is above the 14-day SMA, while the Stochastic Oscillators appear to be close to range 25.

This current range could mean the bears will eventually be able to gather momentum to push southward. The cryptocurrency’s price correction would, as such, go as far down as the $3,200 and $2,400 territories. This could also be the foundation for a bullish trend.

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