The Bitcoin price analysis has revealed that no remarkable rise in the price is noted in the long term trend.
The value of the US dollar does not show any increase and are constant in their value. The cryptocurrency price value was spotted between five thousand five hundred dollars and five thousand dollars ($5,500 and $5000) marks.
It is further not fluctuating much on the trend-line as analyzed by the trading view. The trending range was:
Accumulation territories: $3000, $3,500 and $2,500
Distribution territories: $6, 000, $6,500 and $7000
The crypto- market seems to be resilient over the past 14 days as seen on trading view chart, there would be no interesting fluctuations that can be witnessed on the trend-line and is making very slow moves.
The SMA was reported to be closed on 5,500 upper range. The 50-day average was seen on the range of 4,500 trend-line.
The estimated highest high over the past 14 periods as depicted by stochastic oscillator was expected to be around the range 60.
via Trading View
That shows that the market is in trending mote. The range five thousand and five hundred dollars ($5,500) is seen as the upper range which is said to be market rejection area which needs to attest the condition of a financial market of a group of securities in which prices are rising or expected to rise.
It is noted that any large upward or downward movement of a price in a short period of time can cause serious consequences on the range zones.