BSV/USD Medium-term Trend: Ranging
Supply zones: $150, $200, $250 Demand zones: $60, $50, $40
BSVUSD remains in a range-bound market in its medium-term outlook. The strong bullish pressure of yesterday opening at $85.50 was sustained as BSVUSD went up to $108.62 in the supply area before the end of the session.
$112.91 in the upper supply area was retested shortly after opening, breaking $110.00 of the upper supply area of the range but closed within the range. As the bears stage a return.
With price above the two EMAs crossover and the stochastic oscillator signal up at 68%. It implies the bulls may continue their upward journey within the range after a brief pullback.
BSVUSD is consolidation and trading between $110.00 in the upper supply area and at $70.00 in the lower demand area of the range. A breakout at the upper supply area may be considered for a long position while a breakdown at the lower demand area may be a short position with good candle pattern as confirmation for entries.
BSV/USD Short-term Trend: Bullish
The cryptocurrency continues in a bullish trend in its short-term outlook. The bullish engulfing candle that broke the two EMAs at $87.50 signalled the bulls takeover.
With sustained momentum, $112.91 in the supply area was retested after today's’ opening. The current pullback by the bears saw the cryptocurrency down to $101.00 in the demand area which was the 38.2 fib level, a trend continuation zone.
It implies the uptrend may continue as the bulls gradually return which must be confirmed by a bullish reversal candle pattern in the short-term.
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