Bitcoin (BTC) Long-term Price Analysis – April 28

  • 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.

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 CryptoGlobe.com and do not constitute financial advice. Always do your own research.