- There has been a short dip in the market valuation of BTC/USD.
- BTC/USD market currently lacks significant recovery indication.
- Some levels of indecision trading outlook still as at the time of writing on-going in the BTC/USD pair.
- Major distribution territories: $10,400, $10,800, $11,200
- Major accumulation territories: $9,200, $8,800, $8,400
Bitcoin (BTC) Price Analysis
Currently, there has been no significant indication in the BTC/USD market recovery price moving bid. The crypto’s value has now only been hovering around its smaller SMA trend-line below $10,000 trade territory.
Based on the nature of the price movement, the immediate distribution territory has seen at a $10.400 mark. Meanwhile, the $10,000 price line may be used as one of the main key lines that could signify the resumption of long-position trading should it is eventually breached northward.
Bitcoin (BTC) Technical Indicators Reading
The 50-day SMA trend-line is located a bit over a $10.000 price line as the 14-day SMA trading indicator is found half point down to $9,600 territory. The Smaller SMA now looks briefly pressing down the crypto’s price in a range moving formation.
The capacity measure of a bullish force in this market has low signal as the Stochastic Oscillators have pointed to the north-east direction between ranges 60 and 40. That could as well mean the need to exercise some level of caution in placing an order.
On the upside, the BTC/USD market, taking a deep look, will encounter tough distribution territories in its pathway from a $10,000 line to the last major distribution territory at $11,200 mark. Like wisely, on the downside, a sudden breakdown of $9,600 value may cause the bears to face strong floors between the first and the second immediate accumulation territories found at $9,200 and $8,800 marks.
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.