• The bulls remained in control of both the short and medium-term outlook.
  • Traders may consider buying at pullback area with bullish reversal candlesticks formation as entry confirmation.

BSV/USD Medium-term Trend: Bullish

Supply zones: $90, $100, $120
Demand zones: $50, $40, $30

BSVUSD is in a bullish trend in its medium-term outlook. The upward price movement was sustained over the weekend with a high at $64.42 in the supply area on 11th May. Increased bullish momentum saw the cryptocurrency up at $64.99 as the new trading week began.

As a matter of necessity bearish correction of the impulsive upward move occurred with a drop in price to $55.61 in the demand area before the close of session on 12th May. This was the 61.8 fib area a trend reversal zone, thus confirming the bullish continuation in the medium-term.

BSVUSD had a progressive rise from the tweezer bottom to a high of $62.99 during yesterday session. Today’s 4-hour candle closed bullish maintaining the bulls dominance of the market.

$64.99 in the supply area may be retested and subsequently broken as the bulls continue the journey up north with the signal of the stochastic oscillator pointing up 59% and price above the two EMAs.

BSV/USD Short-term Trend: Bullish

The cryptocurrency is in an uptrend in the short-term outlook. The bearish momentum from the supply area at $62.99.00 was lost at the lower line of the ascending channel after today’s opening session.

The formation of the hammer suggests the bulls control as the cryptocurrency rose to $64.00 in the supply area at the upper line of the channel.

The bears are currently pushing price back down to the lower line of the channel. $60.23 in the lower demand area may be up for retest before the journey upward continues.

Live Bitcoin SV (BSV) Price:

1 BSV/USD =$60.1508 change ~ 4.30%

Coin Market Cap

$1.07 Billion

24 Hour Volume

$39.32 Million

24 Hour VWAP

$60

24 Hour Change

$2.5883

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

Original Article

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