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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. The bullish pressure is strong within the range after the opening spinning top followed by the bullish candle.
$65.45 in the supply area was the high of the day before a brief pullback to $64.14 in the demand area before the end of yesterday session.
The 4-hour opening candle at $64.74 is bullish. Price is above the two EMAs and the stochastic oscillator signal points up at 61%. This suggests upward 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: Bullish
The cryptocurrency returns to the bullish trend in its short-term outlook. After a drop in price to $63.17 in the demand area, the bears lost momentum. The bulls gradually returned as BSVUSD pushed price to $65.59 before the end of yesterday session.
Today’s 1-hour opening candle at $64.14 was bullish with price above the two EMA and the stochastic oscillator at 71%. This suggests an upward momentum in price in the short-term.
The crypto is in an ascending channel. The upper line of the channel is the bull 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.