BSV/USD Medium-term Trend: Bullish

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

BSVUSD is in a bullish trend in its medium-term outlook. The bearish pressure after a drop to $76.50 in the demand area was weak and could not sustain the downward journey hence the bulls returned.

The bullish engulfing candle at to $76.72 pushed the cryptocurrency up to the high of the day at $84.50 in the supply area before the session ended yesterday.

Today’s bullish 4-hour opening candle at $81.04 sustained the momentum as BSVUSD attained to $86.92 in the supply area shortly after opening.

Price is above the two EMAs crossover and the stochastic oscillator signal points up in the overbought region at 85%. This implies an upward momentum in price of the cryptocurrency. The bullish pressure may continue to the 50 or 61.8 fib level before a possible bears reaction in the medium-term.

The cryptocurrency is in a bullish trend in its short-term outlook. The bears' momentum loss led to the failure to complete of the right leg of the M structure and subsequently the bulls gradual return at $76.47. This was the lower line of the upward channel. Sustained pressure to the upside via the bullish momentum pushed BSVUSD to $86.92 in the supply area.

Price is above the two EMAs crossover but the stochastic oscillator signal points down at 75%. It implies a brief downward price movement may occur before bullish continuation in the short-term. The upper line of the channel is up for a retest by the bulls 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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