Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
BSV/USD Medium-term Trend: Ranging
Supply zones: $150, $200, $250
Demand zones: $50, $40, $30
BSVUSD continues in a range-bound market in its medium-term outlook. The bulls were dominant within the range over the weekend with a break of the two EMAs on 5th and 6th January pushing BSVUS to $90.86 and $91.26 in the supply area respectively.
Exhaustion to the bullish momentum was seen as candles closed with wicks setting the bears up for a comeback as the cryptocurrency continues in the range in the new trading week. Price is hovering around the two EMAs crossover and the stochastic oscillator signal points down at 70%. It suggests that the bears' pressure may continue within the range.
BSVUSD is in consolidation and trading between $98.00 in the upper supply area and at $82.00 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area may occur hence patience is required to allow this to happen before a position is taken.
BSV/USD Short-term Trend: Bearish
The cryptocurrency remains in the bearish trend in its short-term outlook. Resistance to upward price movement occurred at the 50-EMA as predicted on 4th January analysis. BSVUSD went down to $84.81 in the demand area been the low of the day.
The bulls stage a comeback on 5th and 6th January leading to the formation of a double top at $90.85 in the supply area. This implies the bears are back in the market. BSVUSD was down to $87.31 in the demand area shortly after today’s opening.
The stochastic oscillator signal points down at 50% and price is below the 10EMA. It suggests a downward momentum in price of the coin in the short-term.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.