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 formation of lower lows and lower highs is a good indication of a continued down trending market.

The last lower high, a bearish doji was formed on 28th December at $92.00 in the supply area and the expected lower low is most awaited as the market opens today with a bearish marubozu at $87.90.

Price is below the two EMAs crossover an indication of strong bears pressure and the stochastic oscillator is in the oversold region at 10% and it signal points down. This implies downward movement in the cryptocurrency price in the medium-term.

The cryptocurrency remains in the bearish trend in its short-term outlook. The bears continued their journey down south as price is kept under the two EMAs crossover.
The touch on the downward trendline resulted in a bounce to the downside always.

The weekend attempt by the bullish pressure for a breakout was always rejected and subsequently the bears' strong return with a large bearish engulfing candle at $90.08 on 30th December.

The 1-hour opening candle $88.70 sustained the bearish momentum as BSVUSD dropped to $86.16 shortly after opening.

Price is below the two EMAs crossover and the stochastic oscillator is in the oversold region at 11% with its signal pointing down which implies he downtrend momentum in price of the cryptocurrency 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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