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

BSVUSD continues in a range-bound market its medium-term outlook. The bulls pressure was brief yesterday, 21st January as BSVUSD rose to $76.72 in the supply area. Further upward movement was rejected by the 50-EMA with the candle closing with a wick.

The bears returned was confirmed with the bearish marubozu candle at the end of yesterday session. The cryptocurrency was down to $74.02 in the demand area.

Price is below the two EMAs and the stochastic oscillator signal points down at 30% an indication of a downward momentum within the range in the medium-term.

BSVUSD is in consolidation and trading between $84.00 in the upper supply area and at $73.00 in the lower demand area of the range. Traders should wait for a breakout at the upper supply area or breakdown at the lower area with a retest before a position is taken.

The cryptocurrency is in bearish trend in its short-term outlook. The bullish pressure was lost after a rally to $76.72 in the supply area. The bears' return was gradual with the formation of a dragonfly doji at $76.20.

Confirmation to the bears' takeover occurred with the bearish marubozu at $75.65 as BSVUSD dropped to $74.02 in the demand area, breaking the lower demand area of yesterday range.

The stochastic oscillator signal points down at 12% in the oversold region and price below the two EMAs crossover. These suggest downward momentum in price in the short-term.
$72.00 in the demand area may be tested as the bearish pressure becomes much stronger.

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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