BTCUSD Long-term Trend – Bearish
Distribution territories:
$12,000.00, $13,000.00, $14,000.00.
Accumulation territories:
$8,000.00, $7,000.00, $6,000.00.
In spite of lower highs than lower
lows on the BTC/USD pair, the long-term trend chart has not
been able to make a significant move away from a bearish outlook. On April 29,
the pair declined a bit below the accumulation territory of $9,000.00 and on
May 1, it reversed northward towards the distribution territory of $10,000.00.
The bulls are currently
gaining momentum as the 13-day SMA is now above the 50-day SMA.
The Stochastic Oscillators have
now dipped into the overbought zone and are also consolidating their movement
within it. Accumulation territories from $8,000.00 and below remain
foundational territories.
As it has been observed, the
market seems to be recovering from several weeks of selling pressure. The bears
are getting weaker against the bulls as has already been shown by price action.
It is expected that sooner than later the bulls will eventually gain the hold
of the market trend.
Going by this assertion, investors
can continue with long entries while the price reverses from what seemingly
looks like a bearish move. While traders can look out for long entries with
proper money management of either ratio 1 to 2, or 1 to 3.
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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