BSV/USD Medium-term Trend: Bearish
Supply zones: $150, $200, $250
Demand zones: $50, $40, $30
BSVUSD is still in a bearish trend in its medium-term outlook. The bearish pressure that dropped the cryptocurrency at $88.55 in the demand area briefly lost momentum. The bulls thereby made a return and pushed BSVUSD to $93.89 in the supply area before the session ended yesterday.
The bullish momentum was stained as the market opens as BSVUSD rose to $98.38 in the supply area. Efforts to continue further upward movement was resisted by the 50-EMA.
With the bearish railroad formation after opening which signaled possible end of the bullish flag and bears takeover, the downward journey may have started.
Price is below the two EMAs crossover an indication of strong bears pressure and the stochastic oscillator in the oversold region at 16%, it suggests downward price movement and the 78.6 fibs in the medium-term may be the bears’ target.
BSV/USD Short-term Trend: Bearish
The cryptocurrency continues in the bearish trend in its short-term outlook. The bulls attempt to take over the market failed after price got to the key supply area. The bears are back as the cryptocurrency is currently down to $90.86 in the demand area.
The bears’ pressure may continue with the signal of the stochastic oscillator signal pointing down at 20% and price below the two EMAs yesterday low at $88.55 may be retested as the bears’ continue their journey down south.
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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