BSV/USD Medium-term Trend: Ranging
Supply zones: $150, $200, $250
Demand zones: $50, $40, $30
BSVUSD remain in a range-bound market in its medium-term outlook. $85.86 in the demand area was the low while $87.65 in the supply area was the high of yesterday trading session as the battle for market dominance lingers between the bulls and the bears.
The breakout from the two EMAs as the market opens today at $86.12 implies the bulls are gradually taking over the range. BSVUSD rose to $89.00 in the supply area shortly after opening. With stochastic oscillator signal pointing up at 56%, the implication is an upward momentum in price within the range.
BSVUSD is in consolidation and trading between $98.00 in the upper supply area and at $82.00 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area may occur hence patience is required to allow this to happen before a position is taken.
BSV/USD Short-term Trend: Bearish
The cryptocurrency continues in the bearish trend in its short-term outlook. The descending channel is the cryptocurrency pattern in the short-term. BSVUSD rose to $89.00 in the supply area shortly after today’s bullish 1-hour opening candle at $86.00.This was the upper line of the descending channel.
The bullish pressure is gradually becoming weak but a minor upside move to the upper line of the descending channel may occur as confirmed by the stochastic oscillator whose signal points up at 58% an implication for upward momentum.
The bears' pressure is still strong and possible return returned may occur at the upper line of the channel as price bounce off to the downside.
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