Monero / Dollar may rise to 164.4 - 166.1

Our pivot point is at 157.4.

Our preference

The upside prevails as long as 157.4 is support.

Alternative scenario

The downside breakout of 157.4 would call for 154.5 and 152.7.

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 157.2 and 156). Finally, the Monero / Dollar is trading above its upper Bollinger band (standing at 160.1).

Supports and resistances

169.7 **

167.9 *

166.1 **

164.4

160.6 last

158.6

157.4 **

154.5 *

152.7 **

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