BSV/USD Medium-term Trend: Ranging

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

BSVUSD returns to a range-bound market its medium-term outlook. The lack of momentum for a defined movement by the bulls and the bears puts the cryptocurrency in a ranging scenario. BSVUSD rose to $78.99 in the supply area before the end of yesterday session after a bullish opening at $76.28.

Today’s 4-hour opening candle at $76.62 shows that the bulls are gradually staging a comeback within the range. The stochastic oscillator at 18% is in a parallel line a reflection of the ranging scenario.

BSVUSD is in consolidation and trading between $85.01 in the upper supply area and at $73.27 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 is in consolidation in its short-term outlook. The bullish pressure was weakening after the break of the two EMAs with a bullish marubozu candle as BSVUSD rose to $78.41 in the supply area. The bears returned dropped the cryptocurrency to $75.83 in the demand area before the end of yesterday session.

With price below the two EMAs and the stochastic oscillator points up at 27% it suggests that some bullish momentum may occur within the range.

TRXUSD is in consolidation and trading between $80.00 in the upper supply area and at $74.92 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area followed by a retest may occur hence patience is required to allow this to happen before a position is taken.

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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