XMR/USD Long-term Trend: Bearish

Supply zone: $70.00, $80.00, $90.00
Demand zone: $20.00, $10.00, $0.50

XMR long-term outlook remains in a bearish trend. The bullish flag of last week analysis pushed price to $50.22 in the supply area on 9th December before it lost momentum. With the bearish railroad formed after the end of the trading session on 10th December,  the bears returned with much stronger pressure.

The cryptocurrency initially dropped to $42.41 and later to $39.01 in the demand area on 14th December after the bearish marubozu candle which signals stronger bears pressure.

Increased bearish momentum had dropped XMRUSD to $38.45 in demand area most probable as the low of today 15th December.

Price is below the two EMAs and the EMAs are fanned apart which still imply stronger downtrend. The stochastic oscillator remains in the oversold region at 5% with it signal pointing down thus reflecting a downward momentum in price 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.

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