BTCUSD Long-term Trend – Ranging

  • Distribution territories: $6,500, $7,000, $7,500
  • Accumulation territories: $3,500, $3,000, $2,500

The price of Bitcoin is currently trading within the $5,500 and $5,000 marks, as it has been doing for the past few trading sessions. The cryptocurrency has been losing some of its value for a while, after hitting the $5,500 mark briefly.

Bitcoin, BTCUSDBitcoin Chart by TradingView

The bears haven’t been able to take full advantage of BTC’s weakness, however, to push it down below the $5,000 mark. Bitcoin’s 14-day SMA is over the 50-day SMA, and its Stochastic Oscillators point south at range 40.

The cryptocurrency is seemingly favoring a downward move in the neat future, although it may find strong support at $4,500. Bitcoin may soon start ranging between its SMAs.

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