BTCUSD Long-term Trend – Bullish
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Distribution territories: $7,600, $8,600, $9,600.
Accumulation territories: $6,000, $5,000, $4,000.
Bitcoin’s price went down to a low in the $6,100 territory on September 8. Earlier this week, on September 9, the cryptocurrency started seeing a series of lower highs towards the territory of $6,400, until September 12. The next day, its price spiked to breach the $6,400 territory, and went northward past the $6,500 mark.
Bitcoin as now been averaging northward, towards the 14-day SMA’s trendline. Both SMAs are bent southward, between the territories of $7,000 and $6,400. The Stochastic Oscillators went past range 20, and are pointing north, which suggests the bulls may take over the market and drive it upward.
A breakout above $6,800 seems to prevent the cryptocurrency from seeing further lower highs and lower lows. The accumulation territory of $6, 000 has become the baseline the bears will need to break to push towards the territories of $5,500 and $5,000. Investors may consider entering the market now.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.
hSOURCE: https://www.cryptoglobe.com/markets/price-analysis
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