BSV/USD Medium-term Trend: Ranging
Supply zones: $150, $200, $250
Demand zones: $60, $50, $40
BSV continues in a range-bound market in its medium-term outlook. The struggle for market control continues between the bulls and the bears. $84.00 in the demand area was the low of yesterday as the bears' loss momentum when the candle closes as bullish hammer an indication for the bulls takeover.
The bullish pressure pushed BSVUSD to $93.00 in the supply area breaking the EMAs crossover but lacked the momentum for upward movement as the bears dropped price to $85.00 in the demand area before the end of yesterday session.
With a bullish 4-hour opening candle at $85.50 and the formation of morning start, the bulls may sustain the pressure within the range in the medium-term
BSVUSD is consolidation and trading between $100.00 in the upper supply area and at $70.00 in the lower demand area of the range. A breakout at the upper supply area may be considered for a long position while a breakdown at the lower demand area may be a short position with good candle pattern as confirmation for entries.
BSV/USD Short-term Trend: Bullish
The cryptocurrency returns to a bullish trend in its short-term outlook. The strong bear pressure was lost after dropping the cryptocurrency to $84.00 in the demand area.
The demand area at $84.00 was retested after today’s opening creating a double bottom formation that returns the bulls.
BSVUSD was up at $90.99 in the supply area as the bulls gradually journey up.
With price above the two EMAs crossover and the stochastic at 78% and its signal pointing up. It suggests that upward price movement may continue in the short-term.
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