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.

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.

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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