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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. $63.53 in the supply area was the high by the bullish pressure. $61.63 in the demand area was the low of the cryptocurrency within the range due to the bearish pressure.
The 4-hour opening candle at $61.33 was a bullish spinning top which suggests the bulls are gradual returning within the market. This may be a pullback which is a correction necessary for confirmation of the bearish continuation within the range.
This stochastic oscillator signal points down at 8% win the oversold region while price is below the two EMAs crossover hence the overall outlook favors the bears.
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 returns to the bearish trend in its short-term outlook. The strong bearish pressure within the range was sustained. The lower demand area of the range at $62.39 was broken with a large bearish engulfing candle.
BSVUSD dropped to $61.63 in the demand area. This was the low of the day.
Today’s bearish 1-hour opening candle sustained momentum to the downside with the cryptocurrency down at $61.12 in the demand area.
A market correction is necessary as bulls push price back up. This is to will further confirm the journey down south. $57.00 in the demand area is 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.