BSV/USD Medium-term Trend: Bullish
Supply zones: $150, $200, $250
Demand zones: $50, $40, $30
BSVUSD remains in its bullish trend in its medium-term outlook. After a remarkable rally to $128.09 in the supply area on 21st December, the bulls briefly lost momentum as the bearish spinning top was formed signaling bears gradual return.
The large bearish engulfing candle confirmed the bears’ takeover as BSVUSD drop to $100.70 in the demand area. The pullback was a correction move for uptrend continuation. With price within the 38.2 fib level a trend continuation zone, the cryptocurrency journey north may have resumed.
Today’s 4-hour opening candle at $106.67 sustained the bullish momentum as BSVUSD was up at $101.74 in the supply area shortly after opening. With the stochastic oscillator signal up at 43% and the price stands above the two EMAs, it suggests upward price movement in the cryptocurrency price in the medium-term.
BSV/USD Short-term Trend: Ranging
The cryptocurrency is in a range-bound market in its short-term outlook. The cryptocurrency has been in ranging since 21st December after the bears dropped price to $126.00 in the demand area. The bulls and the bears have continued to seek control and dominance at the short-term.
BSVUSD is in consolidation and trading between $114.55 in the upper supply area and at $100.95 in the lower demand area of the range. Traders should wait for a breakout at the upper supply area or breakdown at the lower demand area before a position is taken.
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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