XMR/USD Medium-term Trend: Bearish

Supply zones: $200.00, $210.00, $220.00
Demand zones: $90.00, $80.00, $70.00

XMR continues in the bearish trend in the medium-term outlook. The strong bearish pressure was stepped up during the weekend as the cryptocurrency was down to $111.39 in the demand area a few pips away from the predicted $109.31.

The formation of bullish spinning top a reversal candlestick pattern as the week begins is a sign that the bulls may return. Pullback due to bullish momentum may occur but this should be seen as a market correction for downtrend continuation.

Price was above the 10-day EMA and was rejected for upward movement at the 23.6 fib. The 38.2 fib level may be tested in the medium as the bulls increase their momentum before possible bears returned.

The stochastic oscillator is at 59 percent and its signal up which implies upward momentum in price of the cryptocurrency.

The cryptocurrency is ranging in the short-term outlook. The bears dropped the cryptocurrency at $111.39 in the demand area and lost momentum. The bulls returned and pushed price initially to $116.59 in the supply area before a minor pullback due to the bears' brief pressure.

The bulls returned at $113.21 in the demand area and pushed price above the two EMAs crossover with price up to $120.04 in the supply area.

The cryptocurrency is in consolidation and trading between $121.22 in the supply area of the upper range and at $111.45 the demand area of the lower price range. A breakout to the upside or a break down at the lower range will occur traders should be patient and allow this to occur before taking a position.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

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