XMR/USD Long-term Trend: Bearish
Supply zone: $100.00, $120.00, $140.00
Demand zone: $40.00, $30.00, $20.00
XMR long-term outlook continues in a bearish trend. The bulls could only manage a push to $93.10 in the supply area on 18th November and the candle closes as an inverted hammer an indication of a trend reversal.
The bears stage a return with a larger bearish marubozu candle on 19th November as price dropped to $73.12 in the demand area.
Increased bearish momentum led to further dropped of the cryptocurrency to $64.52. A flag was formed and this was a call to the bears to return as XMRUSD closed the week at $59.00 in the demand area.
The larger bearish candle is an indication that the bears are fully in control as price is below the two EMAs crossover and they are fanned apart which implies strength the downtrend.
The stochastic oscillator is in the oversold region at %and its signal points down which implies downward momentum in price as the bears’ pressure becomes stronger in the long-term.
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