Bitcoin (BTC) Long-term Price Analysis – January 6

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BTCUSD Long-term Trend – Ranging

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• Distribution territories: $5,000, $5,500, $6,000
• Accumulation territories: $3,000, $2,500, $2,000

 
Bitcoin’s price has kept on seeing a significant number of weak price swings, a trend that’s been going on since the last week of 2018. The cryptocurrency has maintained the $4,000 and $3,500 marks as well-defined range zones it’s trading within.

 
Around December 27, the cryptocurrency started fluctuating along the 14-day SMAs line within its range. The 14-day SMA managed to touch the 50-day SMA, and the Stochastic Oscillators have been moving in a consolidating way around range 40. This means it may be wise to stop trading until the market makes tis next move clearer.

 
Bitcoin is currently showing traders appear to be undecided, which can lead to price movements within the current range in the next few trading sessions. There will either be a breakout over the $4,000 mark suggesting a bullish trend, or a breakdown below the $3,500 mark suggesting a bearish trend.

 
Traders should as well be wary of any strong reversal against each of the two mentioned marks.

 

 
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.

 

SOURCE: https://www.cryptoglobe.com/markets/price-analysis

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