BTCUSD
Long-term Trend – Bearish
Distribution territories:
$11,000.00, $12,000.00, $13,000.00.
Accumulation territories: $6,000.00,
$5,000.00, $4,000.00.
Bitcoin has been continuously witnessing a downward slide
against the US dollar this week. The last time that the pair made a slight high
was on May 20. The bears have had a greater advantage on the market over the
bulls over the past few weeks. The major critical territory the pair is
believed not to easily break remains the immediate accumulation territory of
$6,000.00. The cryptocurrency’s price only touched it on February 6.
The 13-day SMA has briefly crossed
the 50-day SMA. Both moving averages are a bit above the distribution territory
of $8,000.00, whilst price is currently averaging towards the accumulation
territory of $7,000.00.
The Stochastic Oscillators have
breached past range 20 in the oversold zone suggesting the bearish trend is
soon going to end. The market behavior is still expected to see the bears push
harder than the bulls. Current possible foundational territories within which
strong catalysts can be obtained for a bullish reversal are the accumulation
territories of $6,000.00 and $4,000.00.
Investors can probably
lookout for a reversal from the bearish movement to go in, but traders can
possibly watch out for a sudden breakout of either the accumulation territory
of $7,000.00 or distribution territory of $8,000.00 to join in the direction of
the breakout trend with the use of fund management rules.
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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