XMR/USD Long-term Trend: Ranging
Supply zone: $120.00, $140.00, $160.00
Demand zone: $80.00, $60.00, $40.00
XMR long-term outlook remains in a range bound market. The strong bearish pressure dropped the cryptocurrency at $100.74 in the demand area on 11th October.
The large bearish engulfing candle broke the $103.80 in the lower demand area of the range as the daily candle closes as a marubozu. The implication is string bears pressure may continue.
The bear momentum to continue the downward push of coin was lost as seen from the next bullish reversal candle which signal the bulls are gradually coming back.
The formation of a bearish inverted pinbar confirms the bull return. Price is currently back in the range at $104.36. The bulls may continue the upward price movement in the long-term within the range.
The cryptocurrency is in consolidation and trading between $124.42 in the upper supply area and at $103.80 in the lower demand area of the range. Patience should be exercised during this period. A breakout at the upper supply area would be good for long position while a breakdown at the lower area would serve for short position with reversal candles formation as confirmation in either scenario.
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