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BSV/USD Medium-term Trend: Bearish

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

BSVUSD is in bearish trend in its medium-term outlook. The bears finally prevailed over the bulls in the battle for dominance within the range that has started over the past four days. $82.00 in the lower demand area was broken with a large bearish marubozu candle as BSVUSD dropped to $80.10 in the demand area.

Increased bearish momentum led to a further drop in the cryptocurrency price to $74.00 before the end of yesterday session.

The 4-hour opening candle was a bearish inverted hammer sustaining the pressure to the south as price fell to $73.00 in the demand area. Price is below the two EMAs which are fanned apart an indication of strength in the context of the downtrend.

The stochastic oscillator signal points down in the oversold region at 5% which implies downward momentum in the cryptocurrency price in the medium-term.

BSV/USD Short-term Trend: Bearish

The cryptocurrency remains in the bearish trend in its short-term outlook. The strong bearish pressure broke the downward channel and dropped BSVUSD to $74.00 in the demand area as the market came to a close yesterday.

The bulls minor push to the upside was to create a flag that guaranty the bears return with much stronger. The third flag is seen created as the bears stage a comeback in the short-term.

The 10-EMA was strong resistance against upward price movement as the bears continue to push price down south.

With price below the two EMAs and the signal of the stochastic oscillator points down it implies downward momentum in price.






The views and opinions expressed here do not reflect that of and do not constitute financial advice. Always do your own research.

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