Dominant bias for Monero (XMR) – Bearish
Resistance Levels – 140, $150, $160
Support Levels – $90, $80. $70
XMRUSD is in a bearish trend. The bearish momentum at $112.07 in the resistance area after the formation of the bearish engulfing candle at $117.10 increased. This led XMRUSD to keep dropping. $107.71 in the support area was its low of the day as at 17th October. The bull had a brief control of the market with price up to $110.60 in the supply area. This was a retracement for the market correction to occur before downtrend continuation which was confirmed by the bearish railroad formed by the candle next 4-hour.
Price is below the two EMAs coupled with the stochastic oscillator at 38% and its signals pointing down. These imply strong bears presence, and downward price movement to the support area at $100.00 may occur.
XMRUSD shows a nice teacup formation. With the handle been formed, the bears’ pressure may be sustained.
