BTCUSD Long-term Trend – Ranging
- Distribution territories: $4,500, $5,000, $5,500
- Accumulation territories: $3,000, $2,500, $2,000
Bitcoin’s price has been seeing successive sell-offs that have seen it drop to around $3,500 in the past week. The cryptocurrency’s price has seen its SMAs move closely around it, within its current range.
The $4,000 territory appears to bee the upper limit to bitcoin’s current range, since December 21 of last year. The 14-day SMA appears to be trying to surpass the 50-day SMA, while the Stochastic Oscillators are within ranges 40 and 20, suggesting traders should wait before entering positions.
This, as the market appears to be undecided. A strong push southwards could lead to a further decline and even a new low for BTC around the $3,000 and $2,500 marks, although hitting the $3,500 could signal a reversal and be a good entry point to go long.
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