BTCUSD Long-term Trend – Ranging
- Distribution territories: $6,500, $7,000, $7,500
- Accumulation territories: $3,500, $3,000, $2,500
Bitcoin’s price has recently entered a range after coming out of a bullish trend that saw its price hit a five-month high against the US dollar. Roughly a week ago, the cryptocurrency attempted to keep on going northwards, but ended up ranging between the $5,500 and $5,000 marks.
BTC’s 14-day SMA is near the lower end of its current range, while the 50-day SMA is a bit below, located close to the $4,000 mark. The Stochastic Oscillators are consolidating within in the overbought zone.
This means the bulls may still influence the market in thee near future. These indicators suggest there isn’t a clear direction for BTC now, as it could keep on trading within a specific range for now.
The cryptocurrency’s 14-day SMA could be used to determine when a turnaround may occur. If all else fails, the 50-day SMA will be good for the bulls to gather their strength.
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