BSV/USD Medium-term Trend: Bearish

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

BSVUSD is in bearish trend in its medium-term outlook. The cryptocurrency is in a descending channel as its journey south. The bearish pressure from the upper line of the channel which was confirmed by the large engulfing candle at 83.76 is still strong.

BSVUSD was initially down to 74.12 in the demand area before the minor pullback in the within the channel.

The lower line of the channel is the bears' target in the medium term as the bears' pressure resumes. Price is below the two EMAs while the stochastic oscillator is in the oversold region with its signal pointing down at 18%. This suggests a downward momentum in price of the cryptocurrency.

BSV/USD Short-term Trend: Bearish

The cryptocurrency continues in the bearish trend in its short-term outlook. The bullish flag formed after the cryptocurrency was down at $74.14 in the demand area manage to push BSVUSD to $78.64 in the supply area which was the 38.2 fib area a trend continuation zone.

The implication is that the downtrend is continuing as price lies below the two EMAs and the stochastic oscillator signal points down at 47%. With more candles formed and closed below the two EMAs as the bears continue the south ride.

The views and opinions expressed here do not reflect that of and do not constitute financial advice. Always do your own research.

Original Article


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