• The short and medium-term outlook is in a downtrend.
• Responsible selling may be considered at key areas with bearish reversal candles.

MKR/USD Medium-term Trend: Bearish

Supply zones: $800.00, $850.00, $900.00
Demand zones: $300.00, $250.00, $200.00

MRKUSD is in a bearish trend in its medium-term outlook. The rally was limited at 50.0 fib area on 27th July when price was at $541.13 in the supply area. The signal of the stochastic at the overbought region which suggests a strong downward momentum.

The bears returned was announced with a large bearish engulfing. MRKUSD fell to $559.98 in the demand area.

Today’s 4-hour opening candle opened as a doji at $585.64 an indication of bullish rejection which is at the 38.2 fib area, a trend continuation, suggesting the bears to continues the downward price movement.

Price is below the two EMAs at $556.30 and the stochastic oscillator signal points down at 28%. These suggest a downward momentum in price with $525.00 as the initial target and $450.00 in the demand area as the next bears' target.

MKR/USD Short-term Trend: Bearish

The cryptocurrency short-term outlook is a bearish market. The bullish exhaustion at $612.00 in the supply area was confirmed shortly after today’s opening with a large bearish marubozu. The resistance at the two EMAs was broken as the cryptocurrency dropped initially to $559.98 and later to the current price at $556.30 in the demand area.

The journey to $460.00 in the demand area is on but the support at $500.00 a key area must be broken before continuation.

With price below the two EMAs and the signal of the stochastic oscillator pointing down at 38%, the bears may sustain the downward price movement in the short-term.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.