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Bitcoin (BTC) Long-term Price Analysis

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BTCUSD Long-term Trend – Bearish

© https://cdn-images-1.medium.com/max/1100/1*aW7WVUIONP9dlUhhhBttNw.jpeg

 
Distribution territories: $7,000, $8,000, $9,000.
Accumulation territories: $5,500, $5,000, $4,500

 
Bitcoin’s price has been dropping within its current range against the US dollar this week. Before its major decline, the cryptocurrency had two notably short Japanese bullish candlesticks on September 21 and 27, in the $6,800 and $6,400 territories.

 
Despite these bullish candles, the market was unable to break past the upper level of its range to affirm the continuation of a bullish trend. Instead, it eventually started losing value to the US dollar on October 11, and went down to touch last week’s accumulation territory of $6,000.

 
The two SMAs are separated as the 14-day SMA is pointing south below the 50-day SMA. The Stochastic Oscillators are pointing south a bit past range 40. The territories between $6,000 and $5,500 are being observed as the basic points that BTC has been successfully using to find support. If the price goes below these territories, it could fall to $5,000 or even $4,500.

 

 

 

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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