XMR/USD Medium-term Trend: Ranging
Supply zones: $150.00, $160.00, $170.00
Demand zones: $100.00, $90.00, $80.00
Monero continues ranging in the medium-term outlook. The stochastic oscillator of yesterday predictions favoured the bears as they increase their momentum and pushed price down to $119.00 in the demand area.
The formation of a bullish railway track is a sign of trend reversal. In this case the commencement of the uptrend. The bulls momentum may gradually increase coupled with strong pressure.
The formation of bullish candles and a close above the 10-day EMA will put the bulls target at $129.00 in the upper supply area of the range in the medium-term.
The stochastic oscillator is in the oversold region at 21 percent, yet undefined. This suggests minor consolidation before movement in a particular direction. The upward momentum may likely be favoured on the long run.
$129.00 in the upper supply area of the range still valid and $120.00 in the lower demand area sacrosanct. Profit can be taken if a good ranging strategy is adopted during this period of consolidation.
XMR/USD Short-term Trend: Bullish
The cryptocurrency is in a bullish trend in the short-term outlook. The loss of momentum by the bears at $119.00 in the demand area after dropping price from $126.00 in the supply area return the bulls to the market. The large engulfing candle leaving this area confirm this.
Price is above the 10-day EMA is an indication of the bullish pressure.
The Stochastic Oscillator is leaving the oversold region and its signal points up. This implies upward momentum in monero price movement in the short-term.
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