XMR/USD Medium-term Trend: Bearish
Supply zones: $200.00, $210.00, $220.00
Demand zones: $60.00, $50.00, $40.00
XMR remains in a bearish trend in the medium-term outlook. The temporal lost in momentum at $79.93 in the demand area due to the formation of a bearish doji a reversal candlestick pattern returns the bulls.
Price was up $84.21 in the supply area as the market rally to a close yesterday this was at the 23.6 fib level.
The 4-hour opening candle was bullish and price was up 91.45 in the supply area. This was the 38.2 fib level.
The bullish momentum should be seen as pullback necessary for the market correction before downtrend continuation which may occur at the 38.2 or 50.0 fib level. Traders should watch out for bearish candle reversal pattern to enjoy the downward journey
XMR/USD Short-term Trend: Bearish
The cryptocurrency is still in a bearish in the short-term outlook. The bears lost momentum at $79.43 in the demand area. The bulls stage a comeback with a large engulfing candles and price was up $84.21 in the supply area before the close of market yesterday.
The 1 hour opening candle was bullish and price was up to $91.51 in the supply area. The formation of a double top returned the bears and price was down to $86.77 in the demand area.
The downward trendline acted as a strong resistance against upward price movement as each touch result in a bounce.
The stochastic oscillator is in the overbought region at 69% and it signal points down which implies downward price movement of the cryptocurrency.
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