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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. $65.98 in the supply area was the high of the day while $63.66 is the low of the day in the range. The bearish pressure was strong and with the formation of a bearish marubozu candle as the session ended yesterday.
The 4-hour opening candle at $63.81 is bearish, this sustained the momentum the cryptocurrency had dropped to $63.09 after today’s opening.
Price is below the two EMAs and the stochastic oscillator signal points down at 23%. This suggests a downward momentum in price of the cryptocurrency in the within the range may occur.
BSVUSD is in consolidation and trading between $68.00 in the upper supply area and at $60.00 in the lower demand area of the range. Traders should wait for a breakout at the upper supply area or breakdown at the lower area with a retest before a position is taking.
BSV/USD Short-term Trend: Bearish
The cryptocurrency remains in a bearish trend in its short-term outlook. The rejection at the key supply area at $65.98 was expected. Each touch of price at this area result in a bounce.
With the bears in full control, BSVUSD dropped to $63.09 in the demand area shortly after today’s opening.
Momentum to the downside is obvious with price below the two EMAs and the stochastic oscillator signal pointing down at 8% in the oversold region. $61 in the demand area remains the bears target 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.