Monero / Dollar may rise to 175.5 - 177.5

Our pivot point stands at 167.5.

Our preference

The upside prevails as long as 167.5 is support.

Alternative scenario

The downside breakout of 167.5 would call for 164.3 and 162.4.

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 above its 20 and 50 period moving average (respectively at 166.7 and 164.9). Finally, the Monero / Dollar has crossed above its upper Bollinger band (170.2).

Supports and resistances

181.3 **

179.4 *

177.5 **

175.5

171.0 last

168.8

167.5 **

164.3 *

162.4 **

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