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 bulls were dominant within the range over the weekend with a break of the two EMAs on 5th and 6th January pushing BSVUS to $90.86 and $91.26 in the supply area respectively.

Exhaustion to the bullish momentum was seen as candles closed with wicks setting the bears up for a comeback as the cryptocurrency continues in the range in the new trading week. Price is hovering around the two EMAs crossover and the stochastic oscillator signal points down at 70%. It suggests that the bears' pressure may continue 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 remains in the bearish trend in its short-term outlook. Resistance to upward price movement occurred at the 50-EMA as predicted on 4th January analysis. BSVUSD went down to $84.81 in the demand area been the low of the day.

The bulls stage a comeback on 5th and 6th January leading to the formation of a double top at $90.85 in the supply area. This implies the bears are back in the market. BSVUSD was down to $87.31 in the demand area shortly after today’s opening.

The stochastic oscillator signal points down at 50% and price is below the 10EMA. It suggests a downward momentum in price of the coin 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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