Supply zones: $150, $200, $250
Demand zones: $50, $40, $30

BSVUSD returns to a bearish trend in its medium-term outlook. The bulls failure to push price above yesterday high of $112.89 constitute the loss of momentum and subsequently the bears return as they dropped BSVUSD to a low of $100.36 in the demand area before the end of yesterday session.
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Today’s bearish engulfing 4-hour opening candle at $101.24 sustained the bears' pressure and further drop of BSVUSD to $88.55 in the demand area.

With the stochastic oscillator signal pointing down in the oversold region at 7% and price below the two EMAs crossover, it suggests downward price movement to the 78.6 fibs in the medium-term.

The cryptocurrency is in bearish trend in its short-term outlook. The bears' pressure was stronger within yesterday range and broke out of $100.55 in the lower demand area of the range initially with a bearish spinning top before the end of yesterday session but later closed within the range.

The bearish pressure was stronger at today’s opening with a large bearish engulfing at $101.24 that finally broke the lower demand area. This led to a drop in BSVUSD to $88.55 in the demand area.

Price is below the two EMAs and the stochastic oscillator signal points down at 11% in the oversold region. This implies downward momentum in price 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.

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