XMRUSD Medium-term Trend: Bullish
Supply zones: $200.00, $210.00, $220.00
Demand zones: $175.00, $170.00, $160.00
Monero had a nice ride yesterday as analyzed. Price got to the supply zone at $192.00, with the stochastic oscillator in over bought region at 100 level. Although the selling pressure brought price to down to $184.00, this is likely a minor correction for price to make another higher high today. Price is within the three exponential moving averages which are buying zones. Stochastic oscillator is pointing up above the 50 levlel meaning the uptrend is still a possibility. We could likely see price making a major move towards the supply zone at $200 today.
XMRUSD Short-term Trend: Bullish
Price closed and open within the three exponential moving averages are good signal that buyers are still very much on ground. The stochastic oscillator is in oversold region for a possible move towards the 50 and 100 level. The bullish momentum is strong.Traders should watch for a bullish engulfing candle to justify the buyers are fully in control in the market before taking a possible long position to the supply zone at $200.00.
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