BTCUSD Long-term Trend – Bearish
Distribution territories: $9,000.00, $10,000.00, $11,000.00.
Accumulation territories: $6,000.00, $5,000.00, $4,000.00.
Since the beginning of this week, on June 3, the BTCUSD pair has been in a somewhat ranging movement. The last time the pair declined and breached the accumulation territory of $8,000.00 was on May 22. On May 29, its price strived to reverse northward but still fell below the market’s vertical line value of $8000.00. Neither the bears nor the bulls have been able to significantly overwhelm each other this week.
The 50-day SMA is above the 13-day SMA. Bitcoin has been trading more northward than southward, along the 13-day SMA. The Stochastic Oscillators have moved past range 20 and are now trying to determine the next direction the market will go.
The current presumed ranging movement in the market value of BTCUSD presumably won’t stay long. The price action may be driven slightly southward so that the bulls can be allowed to eventually gain the market advantage over the bears’ driving forces. Traders are expected to stay watchful until an opportunity comes up or join the trend should a sudden upward breakout occur.
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