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.
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.
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