- 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
24 Hour Volume
24 Hour VWAP
24 Hour Change
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.