BSV/USD Medium-term Trend: Bearish

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

BSVUSD is in the bearish trend in its medium-term outlook. The bearish pressure from last year was continued in the new year as the cryptocurrency is in a downward channel. The brief movement to the upside after yesterday opening saw BSVUSD up at $93.51 in the supply area around the upper line of the channel.

A bounce of the line did occur as expected with the bears back in control of the market and yesterday session closed with the cryptocurrency down at $88.21 in the demand area. Today’s 4-hour opening candle at $91.49 sustained the bears' pressure with BSVUSD down to $89.09 after opening.

Price is hovering around the EMAs crossover and the stochastic oscillator signal points down at 73%. This implies downward movement in price in the medium-term.

The cryptocurrency remains in the bearish trend in its short-term outlook. The bulls had a brief hold of the market yesterday with an opening bullish marubozu candle. BSVUSD rose to $93.51 in the supply area before losing momentum.

The bears signaled a return at the key supply area with a bearish inverted hammer at $92.00 and the cryptocurrency went down to $88.21 in the demand area before the end of yesterday session.

Despite today’s bullish 1-hour opening candle at $89.65,  the bearish momentum remains strong with BSVUSD already down to $89.09 shortly after opening.

Price is below the 10-EMA and the stochastic oscillator signal points down at 79% which implies downtrend momentum in price of the cryptocurrency 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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