Monero / Dollar may rise to 157.0 - 158.5

Our pivot point stands at 151.2.

Our preference

The upside prevails as long as 151.2 is support.

Alternative scenario

The downside breakout of 151.2 would call for 148.7 and 147.1.

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 above its 20 and 50 period moving average (respectively at 151.2 and 151.1).

Supports and resistances

161.6 **

160.1 *

158.5 **

157.0

153.6 last

152.2

151.2 **

148.7 *

147.1 **

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