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. The strong bearish pressure continues to dominate activities within the range shortly after a bearish yesterday opening at $93.93.

The two EMAs were broken with a large bearish candle as BSVUSD dropped to at $88.80 in the demand area. The increased bearish momentum ensured that cryptocurrency made a low at $86.50 before the end of yesterday session.

Price is below the two EMAs crossover and the stochastic oscillator signal is in parallel line at 20%. It suggests that the bears' pressure remain strong within the range.

BSVUSD is in consolidation and trading between $98.00 in the upper supply area and at $82.00 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area may occur hence patience is required to allow this to happen before a position is taken.

The cryptocurrency is in the bearish trend in its short-term outlook. The $94.00 was a key supply area with rejection to the upside after yesterday opening. The bears kept the ride down with a retest at $89.51 in the demand area.

The pullback after today's opening saw BSVUSD up at $89.10 in the supply area. Two scenarios could play out. First, the 50-EMA may act as a resistance against further upward movement as the bears stage a return and drop the cryptocurrency to $83.00 in the demand area. The second scenario is a bullish move into the key supply area before the bears' return.

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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