BSV/USD continues in a bearish trend in its medium-term outlook. The bears kept hold of the market and dropped the cryptocurrency further down to $76.00 in the demand area before the end of yesterday session.
Although an attempt was made by the bulls to stage a return. This was indicated by the bullish railroad at $83.50 but its failure increased the bears’ momentum south as BSV/USD dropped to $74.00 after today’s opening. This was predicted in yesterday analysis.
A retest is important to secure and open the gate for the $50.00 mark in the demand area. Price is still below the two EMAs crossover and the stochastic oscillator remains in the oversold region at 17% with its signal pointing down. An indication of downward momentum and BSV/USD may continue to drop.
The cryptocurrency remains in a bearish trend in its short-term outlook. The strong bears’ pressure kept making lower highs and lower lows. This is a reflection of a down-trending market. $77.58 in the demand area was the low of yesterday session.
Today’s bearish 1-hour opening candle sustained the bearish momentum. BSV/USD had dropped to $74.00 shortly after opening with room for more lows.
Price is below the two EMAs that are fanned apart which is a reflection of the strong bearish trend. The stochastic oscillator is at 34% and it signal points up. It suggests a brief upward price movement may occur but the bears still hold the market.