2019-1-19 23:09 |
XMR/USD Long-term Trend: Ranging
Supply zone: $100.00, $110.00, $120.00
Demand zone: $30.00, $20.00, $10.00
XMR long-term outlook continues in a range-bound market. Although the week ending started on a bearish note at a low of $43.00 the cryptocurrency rose to $47.72 in the supply area as the bulls took over the control of the market within the range.
This was the high of the week with resistance against upward price movement occurred at the10EMA.
Price is still below the two EMAs and the stochastic oscillator line is parallel at 19% an indication of continuous ranging scenario in the long-term as the bulls retested the 10-EMA an attempt to breakout and sustained the upward momentum.
The cryptocurrency is in consolidation and trading between $60.00 in the upper supply area and at $40.00 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower demand area will occur hence patience is required before taking a position.
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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