XMR/USD Medium-term Trend: Bearish
Supply zones: $200.00, $210.00, $220.00
Demand zones: $90.00, $80.00, $70.00
XMR continues in a bearish trend in the medium-term outlook. After dropping the cryptocurrency at $119.40 in the demand area, the bears lost momentum. The formation of a spinning top coupled with a bullish candle returned the bulls.
The bullish momentum was up as price was up $130.68 in the supply area. The bulls could not sustain the momentum as a bullish spinning candle a reversal pattern was formed at this area.
With the Fibonacci retracement tool, it will be seen that the supply area was the 50.0 fib level a trend reversal zone. The bears returned with a full bearish marubozu candle. This implies strong bearish pressure.
The stochastic oscillator is at 52 percent and its signal is pointing down which implies downward momentum in price of the cryptocurrency. As the bearish momentum increases and more candles open and closed below the two EMAs, $115.60 may be the bears' target in the medium term.
XMR/USD Short-term Trend: Bearish
The cryptocurrency continues in a bearish trend in the short-term outlook. The bears returned the coin back to $121.44 in the demand area from $130.27 in the supply area before the close of yesterday market.
The formation of a bullish engulfing candle after market opening pushed up price to $130.68 in the supply area above the EMAs crossover.
The bear stage a comeback after the formation of a bearish railway track at the supply area. Price below the two EMAs initially at at124.22 in the demand area.
The stochastic oscillator is at 56 percent and its signal is pointing down which implies downward momentum in price due to the bears' pressure. As more candles formed and closed below the two EMAs the journey south continues.
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