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.
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.
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