BTCUSD Long-term Trend – Ranging
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Distribution territories: $7,500, $8,500, $9,500.
Accumulation territories: $6,000, $5,000, $4,000
There have been a series of lower highs and lower lows in Bitcoin’s price over the past few weeks. The cryptocurrency’s price is still ranging, although it’s a little higher within the range. Its price has been fluctuating around the two SMAs.
The two SMAs are also bound to the cryptocurrency’s range. The Stochastic Oscillators have moved around range 60. They now appear to be starting a consolidation move around it. This suggests the market isn’t currently worth a move for traders.
The cryptocurrency’s current range could potentially be broken either northwards or southwards if the market faces a strong bullish or bearish trend. A reversal against the $6,800 price line could also lead to a serious downturn for BTC. Traders may have to watch out for a strong reversal from a bearish price movement to enter a decent long entry.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.
SOURCE: https://www.cryptoglobe.com/markets/price-analysis
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