• BTC/USD market now faces a retracement move around a $10,000 high mark.
• Over time, most of BTC/USD trading activities have been featuring between $10,000 and $7,500 market territories.
• Traders need to be on the lookout for a price reversal pattern around the $10,000 and $7,500 before considering an entry.
Bitcoin (BTC) Price Analysis
• Major distribution territories: $10,500, $11,000, $11,500
• Major accumulation territories: $9,000, $8,500, $8,000
BTC/USD actively begins to see a retracement moves in its recent relative increases after hitting a tough point below a $10,000 high-value yesterday. The US dollar appears to be gaining momentum presently, and it may eventually push the crypto’s price down further the way it did between May 7 and 10 trading sessions when the lower trading territory of $8,000 mark achieved.
It has now closely observed that trading territories between $10,000 and $7,500 are maintained over time by BTC/USD major movers. Bulls’ energy hasn’t quite a while been able to surge past the $10,000 value. Like wisely, market territories between $8,000 and $7,500 have been the points for the bears’ power limitations.
Bitcoin Technical Indicators Reading
The Middle Bollinger Band trend-line has stretched northward closer below the 50-day SMA trading indicator. And, they are not far from being under the current BTC/USD market trading line. The Stochastic Oscillators have crossed from the overbought region. And, they now slightly point towards the south to signal the potential of witnessing a drop soon in the crypto-economy as paired with the USD.
A market-value at around $10,000 has continued to be a peak point for BTC/USD bulls’ energy. That seems to be the reason for being losing out in momentum at reaching the point lately. Therefore, traders need to be wary of the point during an aftermath breakout. The said price point is one of the key points that bear, expected to regain stance, especially when the bulls prolong in a consolidation moves with weak forces.
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.