• The short-term is in the uptrend while the medium-term outlook is in a range-bound market.
• Patience is required trading the consolidation.

SKY/USD Medium-term Trend: Ranging

Supply zones: $2.00, $2.20, $2.40
Demand zones: $1.00, $0.80, $0.60

SKYUSD is in an uptrend in the medium-term outlook. The bulls’ successfully retested the supply area at $2.00 on 22nd and 27th June. The coin rose to $2.10 and $2.15 respectively. Lack of strong pressure to sustain an upward movement was missing hence the close of price within the range.

The coin low of yesterday session was $1.58 with wicks in the candles as it closed bullish.
The bulls sustained the momentum within the range as the market opens $1.69. SKYUSD rose to $1.83 as the bulls journey toward the upper supply area of the range.

Price is above the two EMAs and the signal of the stochastic oscillator points up at 28% suggesting upward price movement in the range.

The cryptocurrency is in consolidation and trading between $2.00 in the upper supply area and at $1.60 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.

SKY/USD Short-term Trend-Bullish

The cryptocurrency is in a bullish trend in the short-term outlook. The bulls mad a returned at $1.57 in the demand area during yesterday session with the bullish spinning top as a signal. The momentum was sustained as the market opens today with price up at $1.81 in the supply area.

The bullish fortress above the two EMAs confirmed the bulls take over as the cryptocurrency rose to $1.85.

The stochastic oscillator signal pointy up at 91% in the overbought region suggesting upward continuation in price of the coin in the short term.

$2.00 is up for a retest as pressure on price becomes much stronger and more candles opened and closed above the two EMAs.

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