- The short and medium-term outlook is in the uptrend.
- 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 continues in a bullish trend in its medium-term outlook. The bulls sustained the upward momentum as predicted with the retest and subsequent breakout at $64.99 in the upper supply area. The large engulfing candle at $62.46 pushed rBSVUSD further up to $72.00 in the supply area rising up to $74.99 before the close of yesterday session.
Today’s 4-hour opening candle at $73. 49, a spinning top signaled bears returned for a pullback necessary for the market correction before bullish continuation.
The EMAs are strong support zones in the context of the uptrend for the bulls continued the upward movement with wicks formed around the 10-EMA as the cryptocurrency drops to $67.81 in the demand area shortly after today’s opening.
$80.00 in the supply area is on the horizon with increased bullish momentum which is confirmed by the signal of the stochastic oscillator pointing up at 85% in the overbought region.
BSV/USD Short-term Trend: Bullish
The cryptocurrency continues in the uptrend in the short-term outlook. The breakout at the two EMAs shortly after yesterday opening was a strong confirmation of the bulls takeover of the market. Price rose to $72.31 in the supply area before the close of the trading session.
$71.50 was today’s opening price as the bulls retained control of market pushing price to $75.59 in the supply area.
Retracement to $67.71 in the demand area had the bears broke the 10-EMAs as price enters the corrective stage before bullish continuation in the short-term.
The journey up north remained valid and a retest at $78.00 in the supply area may occur.
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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