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

BSVUSD continues in a range-bound market its medium-term outlook. $75.85 was the high the bullish pressure could attain as its stage a comeback within the range. The 50-EMA acted as a strong resistance to further upward movement as the bullish momentum was lost.

The 4-hour opening candle at $74.50 was a gravestone doji, a signal to the bulls possible return within the range as momentum builds up.

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. BSVUSD structure is still in a descending channel. The bullish pressure manages a push to the upper line of the channel. BSVUSD was up at $75.85 in the supply area.

The bearish marubozu candle signaled the bears' takeover as the cryptocurrency dropped to $74.63 in the demand area as the session drew to a close yesterday. Shortly after today’s opening, BSVUSD was down to $74.05 as the bearish momentum was sustained.

The stochastic oscillator is in the oversold region at 4% and price is below the two EMAs which implies downward momentum in price in the short-term. $72.00 at the lower line of the channel still remain the bears' target 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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