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.
Bitcoin has been consecutively witnessing bearish movements
against the US dollar since the beginning of this week. Between May 5 and 6,
the bulls were close to the distribution territory of $10,000.00 but were being
slightly weakened, and the bears eventually took over. The 13-day SMA is still
above the 50-day SMA.
Bitcoin’s price is currently
trending southward towards the 50-day SMA within the distribution territory of
$10,000.00 and the accumulation distribution territory of $8,000.00.
The Stochastic Oscillators have
crossed and moved a bit southward past range 50. They are seemingly gathering
momentum around said range. Expectations may see the current bearish movement
lure traders into entering fake selling orders that will only last for a while.
The bulls can be believed to have started building up the required
catalyst from the markets current down trend. The sentiment as to what
investors are expected to do show us they can continue to enter long trades
from bearish reversal trends. Traders can also look out for the same reversal
format and take long entries by applying good money management rules
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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