BSV/USD Medium-term Trend: Ranging
Supply zones: $150, $200, $250
Demand zones: $50, $40, $30
BSVUSD remains in a range-bound market in its medium-term outlook. The bullish pressure was lost shortly after yesterday opening session when the dragonfly doji was formed. The bullish momentum was lost at $65.25 in the supply area as the bears took over and dropped the cryptocurrency to $63.50 in the demand area before the end of yesterday session.
Price is below the two EMAs crossover and the stochastic oscillator signal points down at 14% in the oversold region. This suggests downward momentum in price of the cryptocurrency in the within the range.
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: Ranging
The cryptocurrency returns to the bullish trend in its short-term outlook. The bulls failed to attain the high at $65.59 of on 12th February as yesterday session ended at $65.25 in the supply area. This was due to the bearish pressure within the range.
BSVUSD dropped to $63.50 in the demand area as yesterday low as the bears continue the journey down south. This was further confirmed by the stochastic oscillator signal pointing down at 4% in the oversold region.
BSVUSD is ranging and trading between $65.53 in the upper supply area and at $62.39 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area may occur hence traders should be patience.
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