After almost three weeks of consolidation, the bears broke out of the lower support area of the range and commence a nice journey to the south. 112.00 has been a critical area in the lower support area with price bouncing off after each touch. The formation of a pinbar at in this support area pushed XMR up 115.45 before the end of yesterday trading session.
The news that filter from the American Association of Retired Persons was a boost to the bears with the 4-hour opening candle as a bearish engulfing. XMR was down to 103.71 in the support area. Increased bearish momentum pushed the cryptocurrency to 101.51.
Price is below the 200 and 34 EMA which implies strong bears presence in the overall outlook.
Retracement is necessary for the market correction to take place. Hence the bulls may make a temporal return to push price up around the 23.6 area. The RSI in the oversold region of 20% with its signal up confirming the possibilities of the bulls return.
The bear may stage after bearish candles reversal pattern at the 23.6 area. This may see the bears testing the target at $96.80.
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