BTCUSD Long-term Trend – Bearish
Distribution
territories: $11,000.00, $12,000.00, $13,000.00.
Accumulation
territories: $7,000.00, $6,000.00, $5,000.00.
BTCUSD, like many other digital assets across
the globe, witnessed a volatile price decline on April 25. The BTC market
prices are averaging a bit above the distribution territory of $9,000.00 right
now, after tumbling below the accumulation territory of $8,000.00. The chart
shows that the BTC bulls hit some strong distribution territories, very close
to $10, 000.00.
The
Simple Moving Average 13 has crossed the the 50 one from below. This
indicates that some of the downturns may be short-lived and the path distribution
territory will be headed northward. The Stochastic Oscillators have dipped into
the overbought zone, but is still pointing northward. The sentiment remains
that the bulls need to break the distribution territory again, above the
$10,000.00 distribution territory, to have a better stride. There can also be
some pit stops between $9,000.00 and $11,000.00 distribution territories.
Traders should be cautious of taking short trade entries at this point in time
to avoid selling at lower prices as a result of panic.
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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