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.

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.

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