Bitcoin Weekly Price Analysis – April 28

BTCUSD Long-term Trend – Bearish

Distribution territories: $11,000.00, $12,000.00, $13,000.00.
Accumulation territories: $7,000.00, $6,000.00, $5,000.00.

BTCUSD, like many other digital assets across the globe, witnessed a volatile price decline on April 25. The BTC market prices are averaging a bit above the distribution territory of $9,000.00 right now, after tumbling below the accumulation territory of $8,000.00. The chart shows that the BTC bulls hit some strong distribution territories, very close to $10, 000.00.

The Simple Moving Average 13 has crossed the 50 one from below. This indicates that some of the downturns may be short-lived and the path distribution territory will be headed northward. The Stochastic Oscillators have dipped into the overbought zone but is still pointing northward. The sentiment remains that the bulls need to break the distribution territory again, above the $10,000.00 distribution territory, to have a better stride. There can also be some pit stops between $9,000.00 and $11,000.00 distribution territories. Traders should be cautious of taking short trade entries at this point in time to avoid selling at lower prices as a result of panic.

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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