Monero / Dollar may fall to 154.3 - 156.1

Our pivot point stands at 162.7.

Our preference

The downside prevails as long as 162.7 is resistance.

Alternative scenario

Above 162.7, look for 165.6 and 167.4.

Comment

The RSI is below 30. It could either mean that the price is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 163 and 165).

Supports and resistances

167.4 **

165.6 *

162.7 **

161.5

159.7 last

156.1

154.3 **

152.5 *

150.8 **

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