XMR/USD Medium-term Trend: Bullish
Supply zones: $200.00, $210.00, $220.00
Demand zones: $90.00, $80.00, $70.00
XMR continues in a bullish trend in the medium-term outlook. The bearish pressure was strong as price was pushed from $148.87 in the supply area further down to $138.28 in the demand area. This is below the 10-day EMA beyond the 38.2 fibo level to the 50.0 level as you can see from the chat.
The bears’ momentum was lost at this demand area and the bulls gradually build up momentum.
The formation of bullish railway track a reversal pattern at this demand area set the bulls up for a strong comeback. Price was pushed up to $144.97 in the supply area in the 23.6 fib area.
The stochastic oscillator is at 63 percent and its signal is pointing up which implies upward movement in price of the cryptocurrency as the bulls momentum increases.
The Fibonacci retracement shows price is within the 23.6 fib level. As the bulls’ pressure continued price may get back up to $149.10 in the supply area which is the 0.0 fib level in the medium-term.
XMR/USD Short-term Trend: Ranging
The cryptocurrency continues ranging in the short-term outlook. The bears pushed price further down to $138.28 in the demand area below the 50 EMA. The formation of bullish railway track retuned the bulls.
The cryptocurrency was up $144.97 in the supply area above the two EMAs and gradually lost momentum.
The stochastic oscillator is in the overbought region at 87 percent. The signal may point down to justify the bears’ momentum and downward movement of price in the short-term.
The cryptocurrency is in consolidation and trading between $145.47 in the supply area of the upper price range and $136.69 in the demand area of the lower price range. Traders should patiently wait for a breakout at the upper range or a breakdown at the lower range before taking a position in the market.
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