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

BSVUSD returns to a range-bound market in its medium-term outlook. The bulls return was signaled after the formation of a doji a trend reversal indicator at $57.35 in the demand area. The large bullish marubozu candle pushed the cryptocurrency up to $67.41 in the supply area.

The bullish pressure further led to the high of the day at $68.76. Exhaustion sets in as the candle closed with a wick, thus retuning BSVUSD back into the range with a drop in price to $61.26 in the demand area before the end of yesterday session.

Price is within the two EMAs and the stochastic oscillator signal points down at 48%. This suggests a downward momentum in price of the cryptocurrency in the within the range may occur.

BSVUSD is in consolidation and trading between $68.00 in the upper supply area and at $60.00 in the lower demand area of the range. Traders should wait for a breakout at the upper supply area or breakdown at the lower area with a retest before a position is taken.

The cryptocurrency remains in a bearish trend in its short-term outlook. $56.84 in the demand area was the low attained as the bears' pressure became weak during yesterday session.

The bulls gradually took over the control of the market as momentum builds up. BSVUSD rose to $68.76 at the key supply area due to the large bullish marubozu candle but failed to continue the journey up north due to the loss in momentum.

The bears may continue to push price down as confirmed by the signal of the stochastic oscillator that points down at 36%. A retest of yesterday low at $56.84 may occur in the short-term as the bearish momentum increases.

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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