- It may be too soon to claim bitcoin’s bearish trend is now over
- The $5,200 mark, however, could be used to accumulate and gain momentum. A decent trading position may be used in this area.
BTCUSD Long-term Trend – Bearish
Distribution territories: $7,000, $8,000, $9,000.
Accumulation territories: $5,000, $4,500, $4,000
Bitcoin’s price witnessed a sharp decline against the US dollar a few days ago. The flagship cryptocurrency aw its price drop to the immediate accumulation territory of $5,500, which was breached southwards to touch the $5,200 territory on November 15.
Various key territories between the $5,700 and $5,200 marks are currently implied in the next few trading sessions. The two SMAs are within the range of $6,400 and $6,200. The Stochastic Oscillators have moved south, close to range 20 to seemingly start a consolidation move.
It may be too soon to claim the bearish trend is now over. Likely, the cryptocurrency won’t surge past the values it lost in this recent decline in the next few trading sessions. The $5,200 mark, however, could be used to accumulate and gain momentum. A decent trading position may be used in this area.