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.
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