BTCUSD Long-term Trend – Ranging
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• Distribution territories: $4,500, $5,000, $5,500
• Accumulation territories: $3,000, $2,500, $2,000
Bitcoin has been trading around the $3,500 mark over this week’s trading sessions, and has been maintaining the $3,500 and $4,000 as the boundaries to its range since December 21.
The cryptocurrency’s price has been seemingly going along with both its SMAs, within the range. The Stochastic Oscillators have been consolidating around range 20. This suggests the cryptocurrency may continue seeing long-range price movements. Indicators still point towards BTC falling below the $3,500 mark.
While that happens, the 14-day SMA can be used to determine entry points for long positions, as if it’s broken northwards it may mean the bulls are back in the game. The $4,000 mark could see a fake breakout occur above it.
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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