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 bears' pressure continues to dominate the range making a low of $87.31 in the demand area before the end of yesterday.

The 4-hour opening candle at $87.81 was a large bearish engulfing candle session as BSVUSD has dropped to $85.29 in the demand area with room for further downward movement.

Price is below the two EMAs crossover and the stochastic oscillator signal points down at 16%. These imply downward momentum within the range as the bears' pressure becomes stronger.

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. The momentum to the downside continues due to the strong bearish from the double-top formation. $87.31 was the low before the end of the market.

Despite a bullish opening, the 50-EMA resisted further upward price movement. An indication that the bears' pressure remained intact. BSVUSD dropped to $85.29 before showing sign of exhaustion.

A minor move to the upside may occur due o the bullish hammer formed at the demand area. The bears' pressure remains strong in the short-term outlook and the journey to the south may resume around the 10-EMA.

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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