BSV/USD Medium-term Trend: Ranging
Supply zones: $150, $200, $250
Demand zones: $50, $40, $30
BSVUSD is in a range-bound market its medium-term outlook. The bullish pressure was sustained after yesterday opening with the cryptocurrency breaking out of the 10-EMA. BSVUSD rose to $67.34 in the supply area with a large bullish engulfing candle.
Minor draw down to $61.03 occurred before the end of yesterday session as the cryptocurrency consolidates. Price is above the 10EMA and stochastic oscillator signal points up at 77%. It suggests the bulls may continue to push price towards the upper supply area of the range in the medium-term.
BSVUSD is in consolidation and trading between $70.03 in the upper supply area and at $61.03 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.
BSV/USD Short-term Trend: Bullish
The cryptocurrency is in a bullish trend in its short-term outlook. The bullish candle at $63.73 that broke the two EMAs confirmed the bulls take over as BSVUSD rose to $67.34 in the supply area.
Today’s 1-hour opening candle at $65.67 is bullish and above the two EMAs. This indicates that the bulls are presently in the market more than before to continue the upward price movement.
Momentum to the upside was also confirmed by the stochastic oscillator whose signal points up at 68%.
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