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 a bearish trend in the medium-term outlook. The predicted $127.24 bears’ target was nicely broken as the strong bearish pressure continues. The cryptocurrency was further down to $119.40 in the demand area.

Price is below the EMAs crossover and the EMAs are fanned apart which mean strength in the context of the trend ad in this scenario we have a downtrend.

The stochastic oscillator is in the oversold region at 10 percent and its signal is pointing down which implies downward momentum in price of the cryptocurrency.

The formation of a bearish spinning top a reversal candlestick pattern may bring the bulls. A pullback to the 23.6 or 38.2 fib level may occur, before downward trend continuation.

The cryptocurrency continues in a bearish trend in the short-term outlook. The bearish pressure continues as a new lower low of $120.91 was attained in the demand area before closed of yesterday market.

Price was further down to in the $119.40 in the demand area after the opening of today’s market.

The stochastic oscillator is in the oversold region at 81 percent and its signal is pointing down which implies downward momentum in price due to the bears' pressure.

With the Elliot wave pattern, it shows that price is at the 5th wave. The b corrective wave of the a.b.c may be the bears' target in the short-term as the momentum increases.

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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