BTCUSD Long-term Trend – Ranging
- Distribution territories: $4,500, $5,000, $5,500
- Accumulation territories: $2,500, $2,000, $1,500
Bitcoin’s price movements have been contained within a specific range. The cryptocurrency has been for a while now trying to move over the $4,000 mark, but so far we’ve seen price movements similar to those seen last week.
BTC’s SMAs are currently within the $4,000 and $3,500 marks, and its Stochastic Oscillators are trying to consolidate around range 40. This means BTC’s range is set to continue in the near future.
The bulls will in the near future have to gain strength around the 50-day SMA, while the bears may be on the lookout for a potential correction if BTC moves to $4,500 or even $5,000.
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