Bitcoin Weekly Price Analysis – April 21
BTCUSD Long-term Trend – Bearish
Distribution territories: $10,000.00, $11,000.00, $12,000.00.
Accumulation territories: $7,000.00, $6,000.00, $5,000.00.
Though the trend outlook in the BTCUSD long-term trend chart is still bearish. Bitcoin has been making a more appreciable rebound against the US dollar since 12th of April, while producing a dramatic northward spike. There have been many higher lows than lower lows on the pair. The stochastic oscillators have now found a fresh dipping into the overbought zone.
The bullish candlestick formed on April 12, has breached past the simple moving average 13, leading the price action to hover toward the trend line of the simple moving average 50. The price has been trading between the accumulation territory of $7,000.00 and a bit above the distribution territory of $8,000.00. The BTC/USD chart has shown a bullish reversal above the southward trend line, and if the bears manage to claw the price down, then there can be some smaller thick accumulation territories below the $8,000.00 distribution territory. In this regard, investors can watch out for taking a long entry while the price reverses.
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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