BTCUSD Long-term Trend – Ranging
- Distribution territories: $5,000, $5,500, $6,000
- Accumulation territories: $3,000, $2,500, $2,000
Bitcoin has been trading around the $4,000 mark this past week. The cryptocurrency has, however, kept on ranging within specific marks for a few weeks now.
The cryptocurrency’s SMA indicators have had a small space separating them for a while, with the 14-day SMA being over the 50-day SMA. Both are within the $4,000 and $3,500 marks. The Stochastic Oscillators have moved into the overbought zone.
Bitcoin may in the near future keep on trading close to the $4,000 mark, while ranging between the $4,500 and $3,500 marks. The crypto may, in the long run, keep on losing strength to bearish pressure.
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