|Feb 26, 2019 01:55 PM||By: Ben Noble | 2399 Views|
Supply zones: $150, $200, $250
Demand zones: $50, $40, $30
BSVUSD is in a bullish trend in its medium-term outlook. The marubozu candle formed did return the bulls as predicted in yesterday analysis. BSVUSD was initially up at $67.14 before the break out from the upper supply area of the range at $68.00. The cryptocurrency went further up to $71.00 due to increased bullish momentum.
The correction to the bullish impulsive move occurred as price dropped to $66.28 in the demand area before the end of yesterday session. This was also a retest of the broken supply area which confirms uptrend continuation in the medium-term.
The bears' momentum was lost at today’s opening session with the bullish 4-hour opening candle at $67.98. BSVUSD was up at $73.97 in the supply area shortly after opening.
Price is above the two EMAs crossover and the stochastic oscillator signal points up at 74%. These suggest an upward momentum in price.
The cryptocurrency continues in a bullish trend in its short-term outlook. The bulls returned strongly from the key demand area and pushed the cryptocurrency to $71.00 in the supply area.
The bears brief returned was a pullback to $66.28 in the demand area. This was necessary for the market correction before the uptrend continuation.
Today’s bullish 1-hour opening candle at $66.79 sustained the momentum with BSVUSD up at $73.97 in the supply area.
With price above the 50-EMA and the stochastic oscillator signal points down at 34%. It suggests strong bullish pressure and upward price movement in the short-term but brief pullback may occur.