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BSV/USD Medium-term Trend: Ranging
Supply zones: $150, $200, $250
Demand zones: $50, $40, $30
BSVUSD continues in the range-bound market in its medium-term outlook. The bears had the upper hand and dominated the market within the range as the new week began.
$62.29 in the demand area was the low the of yesterday session as the bearish pressure took over despite a bullish opening.
The bears sustained the momentum with a bearish opening today at $62.29. BSVUSD is currently down at $61.27 in the demand area within the range.
Price is below the two EMAs and the stochastic oscillator signal points down at 3%. These suggest downward momentum in price of the cryptocurrency in within the range in the medium-term.
BSVUSD is in consolidation and trading between $68.00 in the upper supply area and at $61.03 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 taken.
BSV/USD Short-term Trend: Bearish
The cryptocurrency is in a bearish trend in its short-term outlook. The key demand area was established around the $62.25 area since 30th January was broken by the bears' pressure towards the end of yesterday session. The cryptocurrency dropped further to $62.25 in the demand area.
With price below the two EMAs and the stochastic oscillator in the oversold region at 19%. These suggest further downward momentum price of the cryptocurrency in the short-term.
$60.00 in the demand area may be retested as bears pressure becomes stronger and more candles opened and closed below the two EMAs 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.