BTCUSD Long-term Trend – Bearish
Distribution territories:
$10,000.00, $11,000.00, $12,000.00.
Accumulation territories:
$7,000.00, $6,000.00, $5,000.00.
Though the trend outlook in the BTCUSD long-term trend chart is still
bearish. Bitcoin has been making a more appreciable rebound against the US
dollar since 12th of April, while producing a dramatic northward spike.
There have been many higher lows than lower lows on the pair. The stochastic
oscillators have now found a fresh dipping into the overbought zone.
The bullish candlestick formed on
April 12, has breached past the simple moving average 13, leading the price
action hover toward the trend line of the simple moving average 50. The price
has been trading between the accumulation territory of $7,000.00 and a bit
above the distribution territory of $8,000.00. The BTC/USD chart has shown a
bullish reversal above the southward trend line, and if the bears manage to
claw the price down, then there can be some smaller thick accumulation
territories below the $8,000.00 distribution territory. In this regard,
investors can watch out for taking a long entry while the price reverses.
The views and opinions expressed here do not reflect that
of CryptoGlobe.com and do not constitute financial advice. Always do your own
research.
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