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

BSVUSD continues in a bearish trend in its medium-term outlook. The pullback by the bulls came to an end after the cryptocurrency was up at $89.49 in the supply area and exhaustion denoted by the wick with the bears gradually staging a return. Confirmation of the bears' takeover occurred when the session ended with the formation of an inverted bearish hammer at $88.37.

Today’s 4-hour opening candle sustained the bears' pressure as the cryptocurrency had dropped to $84.50 in the demand area earlier today. Price is below the two EMAs crossover and the stochastic oscillator is in the oversold region at 17% with its signal pointing down. It implies strong bears pressure in the medium term and BSVUSD may continue to drop.

$75.00 in the demand area is still on the card. A break and subsequent retest will confirm the nice ride to $50.00 in the demand area as more candles formed a closed below the EMAs crossover in the medium-term.

The cryptocurrency remains in a bearish trend in its short-term outlook. The bears temporarily lost momentum after dropping BSVUSD to $85.00 in the demand area. The bullish hammer at $86.00signalled the bulls return.

$89.49 was the high the bulls pushed the coin which was lower than the previous lower high of $85.51. This validates the bears' control of the markets as the cryptocurrency drop to $88.71 in the demand area before the end of yesterday session.

Today session opened with a gap. The bears' pressure remain strong resulting in the formation of a bearish marubozu candle at $86.77. $84.50 in the demand area was tested earlier today as the bearish momentum increased.

With price below the two EMAs and the stochastic oscillator in the oversold region and it signal pointing down at 11%. It implies further downward price movement and new lows before the end of today session most probable.

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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