Monero / Dollar may rise to 174.8 - 176.7

Our pivot point stands at 166.5.

Our preference

Look for a drop towards 166.5 before a bounce.

Alternative scenario

The downside breakout of 166.5 would call for 163.4 and 161.5.

Comment

The RSI is above its neutrality area at 50. The MACD is below its signal line and negative. The penetration of 50 on the RSI should trigger further losses. Moreover, the price is above its 20 and 50 period moving average (respectively at 169.7 and 169.4).

Supports and resistances

180.5 **

178.6 *

176.7 **

174.8

169.9 last

167.8

166.5 **

163.4 *

161.5 **

Number of asterisks represents the strength of support and resistance levels.