Distribution territories: $8,500.00, $9,500.00, $10,500.00.
Accumulation territories: $6,000.00, $5,000.00, $4,000.00.
Bitcoin’s market value has seen a sharp and tremendous increase this week. The cryptocurrency made strong northbound movements after making corrections caused by the bears’ selling pressure. The bulls now seem to be in control of the market.Bitcoin Chart by TradingView
BTC was in bearish condition while its price traded from $6,800.00 down to around $6,200.00. On July 15, the cryptocurrency made a short bullish Japanese candlestick that symbolized the starting point of the market’s current trend.
On July 16, the bulls gathered their strength and pushed the cryptocurrency to the distribution territory of $6,800.00. Subsequently, the distribution territory was breached and that led the market to closely average the distribution territory of $8,000.00.
The 14-day SMA has touched the 50-day SMA from below as the price has been above them. The Stochastic Oscillators have moved northwards past range 80. This still suggests more buying pressure on BTC.
The cryptocurrency seems to now be set for experiencing more upside movements as there can be pit stops between the distribution territory of $8,500.00 and the accumulation territory of $7,000.00. Its outlook remains positive for those looking to taking long positions. Traders should be careful and practice proper fund management.
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