• The long-term outlook is in the bullish.
• Traders may consider buying with bullish candle reversal pattern as confirmation

XMR/USD Long-term Trend: Bullish

Supply zone: $140.00, $180.00, $220.00
Demand zone: $40.00, $20.00, $10.00

XMR remains in a bullish trend in its long-term outlook. Crossing the $100.00 price mark two weeks ago, the bulls target in the long-term is the $150.00 in the supply area.
Last week, XMRUSD rose to $121.12 on 24th June. This was a retest of the high made on 15th October as the daily candle closed as an inverted hammer, an indication of a trend reversal.

The support at the 10-EMA was broken just as price fell to $101.01 in demand area on 26th June. Increased pressure pushed price further down to $88.60, the low of the week on 27th June.

This was at the support around the 50-EMA and the trendline with bearish exhaustion setting in which was denoted by the wick in the candle.

The drawdown is a market correction and a confirmation of the bullish continuation in the long-term, hence the bulls dominance of the market in the days ahead.

The stochastic oscillator signal points down at 31% suggesting downward momentum which may be brief before the bullish continuation.

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