XMRUSD Medium-term Trend: Bearish
Supply zones: $200.00, $210.00, $220.00
Demand zones: $160.00, $150.00, $140.00
Monero is in a downtrend. Momentum to the upside was l rejected by the bears. The bullish move was cut short with a long bearish candle, pushing price back to the demand at $166.87. Price is below the three exponential moving averages crossover is suggestive of downward pressure. Stochastic Oscillator is in overbought area is signaling down, this means strong downward momentum. The bounce at trendline above shows powerful rejection and price could likely be push to demand area at $163.00. Traders could take advantage and sell at supply zones in the medium term.
XMRUSD Short-term Trend: Bullish
Monero break out of consolidation has resulted in bullish scenarios in the short term. As predicted yesterday, the pair made an excellent move to the supply zone at $168.28 had a minor pullback to the demand zone at $166.87. At this zone, the bulls came in and drove the price up to the supply zone of $173.01. Bearish pin bar formation with large bearish engulfing candle pushed the price down, back to demand zone at $166.87. Stochastic Oscillator is in oversold area, momentum to the upside is likely. Price possible may retest the supply zone at $168.00 before testing the $173.00 area again.
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