BTCUSD Long-term Trend – Ranging

  • Distribution territories: $5,000, $5,500, $6,000
  • Accumulation territories: $2,500, $2,000, $1,500

Bitcoin’s price has been going through a series of ranging movements in the last few days, after it fell from a high seen on December 24. Currently, the flagship cryptocurrency’s trading has been seeing it range between the $4,000 and the $3,500 marks, below the 50-day SMA.

Bitcoin, BTCUSD, Cryptocompare chartBitcoin Chart by TradingView

The cryptocurrency now appears to be using its 14-day SMA as a support, in an attempt to move up. The 50-day SMA is located over the 14-day SMA and there’s a short space between them.

The Stochastic Oscillators closed at range 60 to likely suggest indecision in the market. Most of the time, traders are expected to wait for a strong movement to take place before considering entering the market. If the bulls managed to breach the $4,500 mark and remain above it for a long period of time, an uptrend may follow. A reversal at that point could also see the bears take over.

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