BTCUSD Long-term Trend – Ranging

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

Bitcoin’s price has recently entered a range after coming out of a bullish trend that saw its price hit a five-month high against the US dollar. Roughly a week ago, the cryptocurrency attempted to keep on going northwards, but ended up ranging between the $5,500 and $5,000 marks.

Bitcoin, BTCUSDBitcoin Chart by TradingView

BTC’s 14-day SMA is near the lower end of its current range, while the 50-day SMA is a bit below, located close to the $4,000 mark. The Stochastic Oscillators are consolidating within in the overbought zone.

This means the bulls may still influence the market in thee near future. These indicators suggest there isn’t a clear direction for BTC now, as it could keep on trading within a specific range for now.

The cryptocurrency’s 14-day SMA could be used to determine when a turnaround may occur. If all else fails, the 50-day SMA will be good for the bulls to gather their strength.

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