XMRUSD Medium-term Trend: Bearish
Supply zones: $200.00, $210.00, $220.00
Demand zones: $160.00, $150.00, $140.00
Monero still heads to the south. The pair has not recovered from the sell-off at the supply zone of$181.40 yesterday. It closed at $166.59 yesterday and opened at $166.68 today. The price is making higher lows and lower highs that are associated with a downtrend. Monero made a brief move to the upside at $168.79, but later fell to the $166.00 area. Strong resistance by exponential moving average 12 is of note. A break above this moving average will lead to upward movement which is a minor retracement. The sellers will be much delighted to push the price further down to the $162.00 area. Stochastic oscillator is in the oversold area, but no sign of strong momentum to the upside in its signal.
XMRUSD Short-term Trend: Ranging
Monero is ranging on the short-term. No defined direction for now. Candles were formed and closed on the three exponential moving averages. Stochastic oscillator is not defined in its signal. In this situation, patience will go a long way. A breakout or a breakdown is imminent. Traders should watch for price breakout at $170.00 with a long bullish candle, above the three exponential moving averages for upward ride or breakdown at $160.00, with a long bearish for a move to the downside.
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