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Bitcoin (BTC) Long-term Price Analysis – April 7 Bullish

BTCUSD Long-term Trend – Bullish

  • Traders could try to join the market if the price dips to the 14-day SMA, although a dip could lead to a trap
  • If the 50-day SMA is broken southwards BTC’s price will keep on dropping.
  • Distribution territories: $6,000, $6,500, $7,000
  • Accumulation territories: $3,500, $3,000, $2,500

Bitcoin’s price has been gaining value after surging on April 2. The cryptocurrency, which was previously trading within a specific range, has seen the bulls push its price northwards towards the $5,500 mark.

Bitcoin Chart by TradingView

The market has recently seen a correction that saw BTC drop down to the $5,000 mark. The 14-day SMA is slightly past the $4,500 mark, while being located over the 50-day SMA. Its Stochastic Oscillators have crossed and are currently around range 80.

This could mean the cryptocurrency is about to enter another set o ranged movements, which could nevertheless see it continue to go up. Traders could try to join the market if the price dips to the 14-day SMA, although a dip could lead to a trap. If the 50-day SMA is broken southwards BTC’s price will keep on dropping.

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.

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Written by Ravi Gupat

Ravi grew up in India and graduated in Economics. He is a serial entrepreneur who has founded and exited several companies in tech and media over the past 15 years. He is also an early stage investor and advisor in various blockchain-based companies.

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