Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
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 bullish pressure within the range remains strong as nullifying the downward movement after railroad formation of 14th October. With the bullish candle of 15th October XMRUSD was at $124.99 in the supply area, breaking the upper price area but shows exhaustion as the candle closes with a wick a sign of bears’ pressure.
The bearish railroad on 17th October further confirmed the bears' takeover with the cryptocurrency down to $104.70 in the demand area. The bears' pressure shows weakness as dojis were formed on 19th and 20th October which indicates a trend reversal.
The bulls may have returned to take XMRUSD to the upper supply area of the range should the daily candle of 21st October closes as bullish above the 10-EMA.
The cryptocurrency is in consolidation and trading between $120.00 in the upper supply area and at $103.80 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.
Â
Â
Â
Â
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.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.