Monero / Dollar may rise to 166.4 - 168.2

Our pivot point stands at 159.9.

Our preference

The upside prevails as long as 159.9 is support.

Alternative scenario

The downside breakout of 159.9 would call for 156.8 and 155.

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 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 160.8 and 158.7). Finally, the Monero / Dollar has crossed above its upper Bollinger band (162.3).

Supports and resistances

171.9 **

170.0 *

168.2 **

166.4

162.6 last

161.1

159.9 **

156.8 *

155.0 **

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