Bitcoin SV (BSV) Daily Price Forecast – January 29

 

BSV/USD Medium-term Trend: Bearish

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

BSVUSD remains in a bearish trend its medium-term outlook. $61.31 in the demand area was the low attained by the coin as the journey down south due to the bearish pressure.

Although minor correction to the upside occurred before the end of yesterday session as price rose to $65.28 in the supply area. This was necessary to confirm the downtrend continuation.

Todays 4-hour opening candle is bearish as the bears set to continue the push to the downside.

Price is below the two EMAs and the stochastic oscillator is in the oversold region at 15%. It suggests downward momentum in price of the cryptocurrency.

BSV/USD Short-term Trend: Bearish

The cryptocurrency continues in a bearish trend in its short-term outlook. The key supply area at $65.30 was the point of bullish exhaustion after a move to the upside. This was a pullback necessary for the market correction and also to guaranty continuation of the downward movement.

The bears returned after the 1-hour opening candle and resume the downward journey. BSVUSD is down at $62.87 in the demand area shortly after opening.

Price is below the two EMAs and the stochastic oscillator signal points down at 54% an indication of momentum to the downside. It suggests that new lows may be attained as the bear pressure becomes strong 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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