- The short and medium-term outlook is in the downtrend.
- Responsible selling at key areas with bearish reversal candlesticks formation as entry confirmation.
BSV/USD Medium-term Trend: Bearish
Supply zones: $90, $100, $120
Demand zones: $50, $40, $30
BSVUSD returns to a bearish trend in its medium-term outlook. The bulls sustained the pressure on price with a retest at $75.59 in the upper supply area on 16th May. The cryptocurrency was in this area a month ago, on 15th April. The formation of a spinning top signal coupled double top formation was a good reversal signal to the downside.
BSVUSD dropped to $52.90 in the demand area on 17th May and closed with a long wick an indication of bearish exhaustion with a gradual returned by the bulls.
The 50.0 fibs was a key trend reversal area with bears making a returned at $66.50 in the supply area on 19th May with an initial push to $60.55 during yesterday session.
Today’s 4-hour opening candle at $63.29, is bearish with price already down at $62.00. Strong indication of sustained pressure by the bears to $58.00 in the demand area in the medium-term exist.
BSV/USD Short-term Trend: Bearish
The cryptocurrency is in the downtrend in the short-term outlook. The flag being formed was an indication of imminent drop by the bears. The bearish spinning top formed shortly today’s opening at $63.29 confirms the bears’ presence.
Price is currently at $62.00, below the two EMAs and the stochastic oscillator signal points down at 56%. These imply a downward momentum in price.
$57.00 in the demand may be retested as the bears increase down south in the short-term.
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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