XMR/USD Long-term Trend: Bearish
Supply zone: $80.00, $90.00, $100.00
Demand zone: $30.00, $20.00, $10.00
XMR long-term outlook is a bearish trend. $52.80 in the lower demand area of last week range was nicely broken by the bears on 5th December as they continued journey south. The was with a large bearish marubozu candle as the cryptocurrency dropped to $52.00 in the demand area.
A retest of the broken area occurred on 6th December to confirm downward movement of price to $46.55 and sustained bearish momentum.
The bears’ pressure gradually weakens after a drop in the cryptocurrency to $43.06 in the demand area as the candles in the area close with wicks a sign of exhaustion and consequently, bulls return
The current bullish flag was a pullback a good confirmation of possible bears return. With price below the EMAs and the stochastic oscillator within the oversold region, the bears remain in control of the market in the long-term.
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.