Bitcoin Long-term Price Analysis - till down $8500।। Post By ~ GPA (Steemlog#55)
Bitcoin has been consecutively witnessing bearish movements against the US dollar since the beginning of this week. Between May 5 and 6, the bulls were close to the distribution territory of $10,000.00 but were being slightly weakened, and the bears eventually took over. The 13-day SMA is still above the 50-day SMA.
Bitcoin’s price is currently trending southward towards the 50-day SMA within the distribution territory of $10,000.00 and the accumulation distribution territory of $8,000.00.
The Stochastic Oscillators have crossed and moved a bit southward past range 50. They are seemingly gathering momentum around said range. Expectations may see the current bearish movement lure traders into entering fake selling orders that will only last for a while.
