XMR/USD Long-term Trend: Ranging
Supply zone: $120.00, $140.00, $160.00
Demand zone: $80.00, $60.00, $40.00
XMR long-term outlook remains in a range-bound market. The strong bullish pressure within the range was confirmed on 2nd November after the close of the bullish candle above the 10-EMA at $1107.78 in the supply area. Increased bullish momentum with the bullish engulfing candle pushed XMRUSD to $113.91 above the two EMAs on 4th November.
$114.84 in the supply area was the high attained by the cryptocurrency on 6th November closing as a spinning top which implies exhaustion. The bears’ gradual return was further confirmed with a bearish engulfing candle that dropped XMRUSD to $108.69 in the demand area on 8th November below the 10-EMA.
The cryptocurrency went further down to $104.00 in the demand area before the week ended.
This new week opened lower at $105.36 compared to last week opening at $107.38. Which suggests more bears pressure may be seen this week to pushed XMRUSD to a new lower low before the new trading week ends.
The cryptocurrency is in consolidation and trading between $115.26 in the upper supply area and at $100.74 in the lower demand area of the range. Patience should be exercised during this period. A breakout at the upper supply area would be good for long position while a breakdown at the lower area would serve for short position with reversal candles formation as confirmation in either scenario.
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