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

BSVUSD remains in the range-bound market in its medium-term outlook. The bulls and the bears had equal activities within the range over the weekend. While the bullish marubozu was responsible for the upward price movement to $65.40 in the supply area. The bearish railroad returned the bears and BSVUSD dropped to $62.72 in the demand area before the end of yesterday session.

Todays 4-hour opening candle $62.81 is bullish and the cryptocurrency currently up at $63.36 in the supply area an indication that the bulls may have returned. The stochastic oscillator signal pointing up at 23%. These suggest upward 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.

The cryptocurrency is in a bullish trend in its short-term outlook. The key demand area was established around the $62.25 area since 30th January. The cryptocurrency bounce of this area after repeated touches.

$62.72 in the demand area was the low attained by BSVUSD yesterday with a bearish marubozu. This was around the key demand area hence the bullish 1-hour opening with price at $63.36 in the supply area.

Momentum to the upside is confirmed by the stochastic oscillator whose signal points up at 16% in the oversold region. $66.00 in the supply area may be attained by the bulls in the short-term as momentum increases.

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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