Monero / Dollar may rise to 166.1 - 167.9

159.3 is our pivot point.

Our preference

The upside prevails as long as 159.3 is support.

Alternative scenario

Below 159.3, expect 156.3 and 154.5.

Comment

The RSI is trading above 70. This could mean that either the price is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 160.4 and 160.3).

Supports and resistances

171.5 **

169.7 *

167.9 **

166.1

162.5 last

160.5

159.3 **

156.3 *

154.5 **

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