BSV/USD Medium-term Trend: Bearish

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

BSVUSD continues in the bearish trend in its medium-term outlook. The inverted bearish hammer of yesterday opening signaled the bears' return as BSVUSD went down to $89.34 in the demand area. Increased bearish pressure lead to a further drop in the cryptocurrency price to $83.00 before the end of yesterday session.

Today’s 4-hour opening candle sustained the bears' pressure with BSVUSD down to $81.70 after opening.

Price is below the two EMAs crossover an indication of strong bears pressure and the stochastic oscillator is in the oversold region at 14% and it signal points down. This implies downward movement in price in the medium-term. The journey to 78.6 fibs is almost done as the bears continue its journey down south.

The cryptocurrency continues in the bearish trend in its short-term outlook. The 10-EMA was a strong resistance against upward price movement as the bulls tried to stage return at $88.70.

The bearish marubozu candle at $88.73 further confirms the bears' control of the market as the cryptocurrency dropped to $84.60 in the demand area and closed the day at $83.34.
BSVUSD was down to $88.55 shortly after opening as the bearish pressure continues.

Price is around the 10-EMA and the stochastic oscillator is in the oversold region at 9% and its signal points up which signal a brief uptrend before the downtrend continuation resumption.

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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