XMR/USD Medium-term Trend: Bearish
Supply zones: $200.00, $210.00, $220.00
Demand zones: $60.00, $50.00, $40.00
XMR is in a bearish trend in the medium-term outlook. The strong bearish pressure was sustained as the lower demand area was broken at $87.00. Price went further down to $76.07 in the demand area as the 4-hour opening candle was bearish.
The cryptocurrency was around this demand area on 2nd November 2017. Price is still below the two EMAs and the EMAs are fanned apart which reflect strength in the context of the downtrend.
The stochastic oscillator is at 37% and its signal is down. This implies downward momentum in price of the cryptocurrency.
The bull my stage a minor comeback but this should be seen as a pullback necessary for the market correction before downtrend continuation.
XMR/USD Short-term Trend: Bearish
The cryptocurrency is in a bearish in the short-term outlook. The bears remain is control as their increased momentum led to the break of $90.83 in the lower demand area of yesterday analysis.
The cryptocurrency was further down to $87.49 in the demand area as bearish railroad formation increase the bears’ momentum before the close of yesterday market. The 1-hour opening candle was bearish and price was down to $76.07 in the demand area. The formation of a bullish pinbar return the bulls and price was up to $85.91 in the supply area.
The bulls may lose momentum at the 38.2 fib level or they may gather enough momentum and push price to the 50.0 fib level, a trend reversal zone. The bears may then stage a strong comeback and continue the journey south.
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