- The US dollar still relatively overwhelms the valuation of BTC.
- The currency-pair may now have to trade around the $9,600 mark for a while.
- The market point at $9, 600, now appears the critical line that stands between the bulls and the bears in the BTC/USD trade.
- Major distribution territories: $10,400, $10,800, $11,200
- Major accumulation territories: $9,200, $8,800, $8,400
Bitcoin (BTC) Price Analysis
The US dollar price worth has relatively continued to put the valuation of BTC under a falling pressure until the present. Though, as at the time of writing, the pressure seems getting weaker as price closely averages the point of $9,600.
The currency-pair may now have to trade around the $9,600 market value for a while before it can get a definite direction. An upward push at that point, will potentially see the crypto getting set a further reliable rises in the BTC/USD market worth.
Bitcoin Technical Indicators Reading
The 14-day SMA trading indicator has slightly curved southwards around $10,000 point above the 50-day SMA trend-line. The 50-day SMA yet points to the north indicating that the market upward trend hasn’t been over completely.
A sudden cross of the 50-day SMA by the 14-day SMA from the top may lead the BTC/USD market point to a low line at $9,200. The Stochastic Oscillators have now dipped into the oversold region. That means the downward force may not last longer in the BTC/USD market.
As the flagship cryptocurrency now trades below its immediate major resistance level against the 14-day SMA indicator signifies that the bulls have been gradually relaxing their strength in the market. The bears may continue to have a stronghold of the market, while the $10,400 price value remains resistant to a further upswing of this crypto-trading operation.
The BTC/USD market bulls are expectantly to accumulate power around the $9,600 mark to decimate the bears’ forces in this cryptocurrency trade operation.
Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.