BSV/USD Medium-term Trend: Ranging

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

BSVUSD is in a range-bound market in its medium-term outlook. The bearish pressure from the upper line of the channel failed to break the two EMAs as price rebound to the upside at $92.00.

Increased bullish momentum further pushed the cryptocurrency up at $93.51 in the supply area before the end of yesterday session.

Price is above the two EMAs crossover and the stochastic oscillator signal is in parallel line at 82% which is a reflection of the ranging scenario.

BSVUSD is in consolidation and trading between $100.00 in the upper supply area and at $83.00 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.

The cryptocurrency remains in the bullish trend in its short-term outlook. The two EMAs acted as strong support for the bullish upward price movement as the bearish pressure was lost at this area throughout yesterday session.

BSVUSD rose to $93.11 in the supply area before the end of yesterday session. $95.00 was the high attained shortly after today's opening before retracement.

Price is below the 10-EMA and the stochastic oscillator signal points down at 36% which implies downward momentum due to the retracement. The bulls may return at the 50-EMA and continue the journey up north 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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