- The bulls are in control short and medium-term outlook.
- Traders may look to buy at pullback areas.
SKY/USD Medium-term Trend: Bullish
Supply zones: $2.00, $2.20, $2.40
Demand zones: $1.00, $0.80, $0.60
SKYUSD is in a bullish trend in the medium-term outlook. With a large bullish candle at $1.07 on 17th July, the bullish momentum has just begun with $1.23 and $1.35 on 17th and 18th July respectively.
Today’s opening price at $1.32 closed a bearish spinning top an indication of bears returned. The cryptocurrency dropped to $1.22 in the demand area. The bulls are back as indicated by the reversal signal at the closed of the 4-hour candle. This area is the 38.2 fib area a trend continuation zone suggesting the resumption of bullish continuation.
Price is within the two EMA with the stochastic oscillator signal parallel at 78% suggesting a brief consolidation before the upward price movement. $1.35 in the supply area is up for a retest and subsequent breakout most probable.
SKY/USD Short-term Trend-Bullish
The cryptocurrency is in an uptrend in the short-term outlook. The lower and upper line of the channel has been good support for the bulls and resistance for the bears. The bears stage a return at the resistance as the market opens today at $1.34.
SKYUSD fell to $1.22 at the lower line of the channel which was strong support for the bulls with the break of the resistance at the two EMAs rise in the cryptocurrency to $1.30.
The stochastic oscillator signal is pointing up at 60% suggesting upward momentum with $1.36 in the upper line a target.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.