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Long-term trend XMR / USD: variable
Supply zone: $ 120.00, $ 140.00, $ 160.00
Area on request: $ 80.00, $ 60.00, $ 40.00
The long-term prospects of XMR remain in a market related to the range. The strong downward pressure made the cryptocurrency fall to $ 100.74 in the required area on October 11th.
The big bearish wrap candle broke the $ 103.80 in the lower demand area of the interval while the daily candle closes like a marubozu. The implication is that the pressure of the bears of the strings could continue.
The momentum of the bear to continue the downward push of the coin was lost as seen by the subsequent bullish reversal candle which signals that the bulls are gradually coming back.
The formation of a bearish inverted pinbar confirms the return of the bull. The price is currently in the range at $ 104.36. The bulls can continue the upward movement of long-term prices within the segment.
The cryptocurrency is in the process of consolidation and trading between $ 124.42 in the upper bidding area and $ 103.80 in the lower demand area of the segment. Patience must be exercised during this period. A breakout in the upper supply area would be fine for the long position while a breakdown in the lower area would serve for short positions with the formation of reverse spark plugs as confirmation in both scenarios.
The opinions and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your research
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