BTCUSD Long-term Trend – Bearish
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.
Bitcoin Chart by TradingView
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.
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