Monero / Dollar may rise to 167.5 - 169.1

Our pivot point stands at 162.2.

Our preference

The upside prevails as long as 162.2 is support.

Alternative scenario

The downside breakout of 162.2 would call for 159.6 and 158.

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 positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 162.2 and 160.9).

Supports and resistances

172.2 **

170.6 *

169.1 **

167.5

164.4 last

163.2

162.2 **

159.6 *

158.0 **

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