BTCUSD Long-term Trend – Bearish
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Distribution territories: $7,500.00, $8,500.00, $9,500.00.
Accumulation territories: $5,500.00, $4,500.00, $3,500.00.
Bitcoin’s price has been undervalued against the US dollar this week. The cryptocurrency saw its value rise last week The pair began falling on July 8 while it met some strong distribution territories that were difficult to break through.
A major decline in Bitcoin’s price occurred on July 10, and that led the pair towards the accumulation territory of $6,000.00. The price is now hovering between the distribution territory of $6,500.00 and the accumulation territory of $6.000.00.
The 14-day SMA is below the 50-day SMA. The Stochastic Oscillators initially moved northbound to touch range 80 but reversed to range 60. This indicates a need to be cautious.
It is expected that Bitcoin’s price may find support at $5, 750.00 or a bit below. The accumulation territories is believed to be a pivotal point where better long entries can be taken.
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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