Key Highlights
- BTC/USD market dominated by lower lows around $9,600 price territory.
- A breakdown of the key technical point at $9,600 will potentially lead the pair to find support around the $9,200 mark.
- On the upside, it is necessary for the BTC/USD bulls to muster energy at a touch of the $9,200 price line.
Bitcoin (BTC) Price Analysis
- Major distribution territories: $10,400, $10,800, $11,200
- Major accumulation territories: $9,200, $8,800, $8,400
The BTC/USD trade still predominantly continues featuring lower lows around $9,600 price territory. The US dollar relatively pushes the market valuation with weak forces until the present.
The BTC/USD pair is likely to face a line of selling pressures at a sudden break-down of the key technical $9,600 mark. While that assumption plays out, the crypto may potentially find support around the $9,200 major accumulation territory.
Bitcoin (BTC) Technical Indicators Reading
The trading activities between the BTC and the US dollar have continued to trade in a range-bound of $10,000 and $9,600 points. The two SMA trading indicators have come in close contact within range trading territories to attest to the ongoing choppy price movements of the BTC/USD pair. The Stochastic Oscillators have moved down to touch range 20. Yet, they briefly point to the south to indicate the possibility of witnessing more lows.
Conclusion
The BTC/USD market may experience more drops in near trading sessions. The SMA trading indicators show support of looming falling price lines in this crypto-trade as they are on top of the current market value. On the contrary, in the course of presumed fallings, the pair may test the $9,200 immediate major accumulation territory for a rebound. Meanwhile, the pair’s value may as well feature variant range price movements around the $9,600 and $9,200 marks afterward.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.
