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 managed a drop of the cryptocurrency to $60.00 in the demand area on 15th February. This was the low of the week as exhaustion sets in.
The bulls return was signaled by the bullish doji at $61.17. BSVUSD rose to $62.85 in the supply area over the weekend.
Today’s 4-hours opening candle is bullish as price has risen to $64.06 in the supply area. With price above the two EMAs crossover and the stochastic oscillator signal points up at 64%. It suggests that the bulls may control the range in the medium-term.
BSVUSD is in consolidation and trading between $68.00 in the upper supply area and at $60.00 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 taking.
BSV/USD Short-term Trend: Ranging
The cryptocurrency is in consolidation in its short-term outlook. The strong bearish pressure was lost as price revolves around $61.00 in the demand area.
Today’s market opened bullish at $61.63 and BSVUSD rose to $64.06 in the supply area. Wicks were seen around the supply area which was a sign of exhaustion as price drops to $62.49 in the demand area.
BSVUSD is consolidation and trading between $64.00 in the upper supply area and at $61.00 in the lower demand area of the range. A breakout at the upper supply area may be considered for a long position after a retest while a breakdown at the lower demand area may be a short position with good bearish candlestick pattern as confirmation.
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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