Monero / Dollar may rise to 174.3 - 176.0

Our pivot point is at 168.8.

Our preference

The upside prevails as long as 168.8 is support.

Alternative scenario

The downside breakout of 168.8 would call for 166.1 and 164.4.

Comment

The RSI is above 70. It could mean either that the price is in a lasting uptrend or just overbought and therefore bound to correct (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 168.5 and 164.8).

Supports and resistances

179.2 **

177.6 *

176.0 **

174.3

171.0 last

169.8

168.8 **

166.1 *

164.4 **

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