Bitcoin (BTC) Price Analysis (May 12)
• BTC/USD market still trades in a rallying moving mode from a significant fall.
• The bulls appear not recovering quickly from the last drop.
• An $8,000 mark will serve as a tough area that the bears may not easily break down in the present trading situation of the crypto-economy.
Bitcoin (BTC) Price Analysis
• Major distribution territories: $9,500, $10,000, $10,500
• Major accumulation territories: $8,000, $7,500, $7,000
BTC market rallied from a recent downward price pressure, briefly moving past a $9,000 mark yesterday. Not too long, the pair made a pull-back to average a low point at $8,000. As at the time of writing today, the crypto-fiat instrument is now hovering between the two market values with lower swing highs than lower swing lows.
To some reasonable extent, the market worthiness of the BTC/USD pair still being under a falling force. Meanwhile, the bulls appear to have started regrouping from around the low point of $8,000 line for a decent come-back in the market.
Bitcoin (BTC) Technical Indicators Reading
The 50-day SMA trading indicator has been intercepted from the top by the Middle Bollinger Band trend-line around a $9,000 market-value. A couple of 4-hour candlesticks have formed around $9,000 and $8,500 territories below the technical indicators to showcase an ongoing range price moves presently. A confirmation has also sighted from the current consolidation moving nature of the Stochastic Oscillators around ranges of 40 and 20. But they have slightly closed the hairs near below the range 40 possibly point towards the north afterward.
A convergence of BTC/USD price moves below, the SMA trading indicator and the Middle Bollinger Band trend-line signifies that sellers are still holding down the market-line. It has been made clear that the accumulation point at an $8,000 mark will serve as a tough area that the bears may not easily break down in the present trading situation of the crypto-economy.
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.