BSV/USD Long-term Trend – Bearish
- Distribution territories: $95, $105, $115
- Accumulation territories: $60, $50, $40
The US dollar price worth made a sharp hit against the Bitcoin SV market valuation on January 10 like most of the other cryptocurrencies also witnessed. Over a week, in the past, the crypto-market ranged closely around $90 horizontal price line.
The market had once been moved in a ranging mode during the January 10 last trading hours and until January 11 underneath the 14-day SMA indicator within $80 and $70 marks. Today, January 12, a strong spike has suddenly occurred to get a push briefly past the $80 upper range point. Currently, price has been trading around the upper range zone. The Stochastic Oscillators have crossed within the oversold zone to point north.
As at now, the crypto now appears to have a definite market direction as the upper range has been slightly breached northwards and it is expected that the 50-day SMA will soon be broken out from below. The $70 lower range mark now serves as the critical point that could pose a serious warning signal against the current bullish market attempt should price be reversed in any form to test around it. Equally, traders should be wary of a sudden correction against the $80 upper range zone.
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