- The BTC/USD market now appears experiencing a line of choppy price movements.
- The BTC/USD market now puts around ranges of $10,400 and $10,000 values.
- The market point at $10,000 expectantly has to validate a presumption of a bearish trend in the BTC/USD trade.
- Major distribution territories: $10,800, $11,200, $11,600
- Major accumulation territories: $9,600, $9,200, $8,800
Bitcoin (BTC) Price Analysis
Currently, the price valuation of BTC as pared with the worth of the US dollar is seemingly lowering impulse in its path to the north. In the wake of this crypto-trade action, price has to hover around $10,400 and $10,000 market territories differentially as time goes on in the meantime.
The US dollar also looks so inactive to have gained the market operations’ force at the expense of the crypto’s present slow-moving mote.
Bitcoin Technical Indicators Reading
The tail end of the 14-day SMA has a bit laid flat closer above the market point over the 50-day SMA trend-line. The bigger trading SMA indicator’s position at $10,000 price territory may be used as an accumulating zone for the cryptocurrency while it doesn’t get broken down in the near trading time.
The bears’ quick resumption effort has been getting low indication as the Stochastic Oscillators have lowered the hairs close to range 20. In that vein, it may be difficult for the bears to push the crypto’s valuation quickly down from the $10,000 mark.
A breakout of the $10,400 price line is ideally necessary to suggest a bullish trading continuation cycle in this crypto-trade. Like wisely, a reversal at that point during a volatile price movement may prepare the grand for the bears’ decent entry point. But, all in all, the bulls are still expected to have a first-hand advantage of the current slow market operations afterward.
Disclaimer: The presented information is subjected to market condition 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.