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 barish 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
