Supply zone: $0.2000, $0.2500, $0.3000
Demand zone: $0.0800, $0.0600, $0.0400

XLM is in a bearish trend in its medium-term outlook. The strong bullish pressure that started on 15th December and confirmed by the engulfing candle at $0.1007 pushed the cryptocurrency to $0.1165 in the supply area before gradually weaken as momentum was lost.

The bears returned was gradual before the end of yesterday session with the formation of a bearish spinning top at this supply area which was also the 61.8 fib level.

The bullish 4-hour opening candle at $0.1118 could only manage to push BSVUSD to $0.1153 in the supply area but it lacks the needed momentum for a continuous upward movement.

The bearish railroad formation at this area which was a 61.8 fib level serves as good confluence that bears may have taken over the market to continue the downward journey.
The stochastic oscillator in the overbought region at 81% and its signal points down which implies downward momentum in price in the medium term.

The cryptocurrency is in a bearish in its short-term outlook. The railroad at $0.09721 sustained the bullish momentum until BSVUSD was up at $0.1165 in the supply area on 17th December. The exhaustion denoted by wicks and the bearish candles formed a double top at $0.1153.

The bears are control of the market with the large bearish candle that closed below the 10-EMA which has BSVUSD already down to $0.1080 in the demand area. The journey down south may have commenced.

Price is below the 10-EMA and the stochastic oscillator is in the oversold region at 15%. Its signal is pointing down an indication of downward momentum in the short-term. With M formation as the cryptocurrency structure in the short-term. $0.09800 in the demand area may be tested.

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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