BTCUSD Long-term Trend – Ranging
- Distribution territories: $4,500, $5,000, $5,500
- Accumulation territories: $2,500, $2,000, $1,500
The price of Bitcoin has been seeing the $3,500 support keep on holding its price since January 11. After it was breached southwards the cryptocurrency notably sprung up, an impact reflect in most cryptocurrencies on the market.
Bitcoin Chart by TradingView
Bitcoin’s price has been hovering along the 50-day SMA, slightly above the mentioned price. The 50-day SMA is currently located above the 14-day SMA, with a short space separating them.
The Stochastic Oscillators crossed slightly past range 60, while continuing to point north. The $4,000, $3,500, and $3,000 marks are currently considered critical for BTC. If breached southwards, the $2,500 territory could be used for accumulation.
The bears may find good entry points after the price drops, as soon as BTC tests the upper limit of its current range.
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