Monero / Dollar may fall to 164.5 - 166.5

Our pivot point stands at 176.1.

Our preference

The downside prevails as long as 176.1 is resistance.

Alternative scenario

The upside breakout of 176.1, would call for 179.5 and 181.6.

Comment

The RSI is trading below 30. This could mean that either the price is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 177.3 and 178.2). Finally, the Monero / Dollar has penetrated its lower Bollinger band (173.0).

Supports and resistances

181.6 **

179.5 *

176.1 **

174.8

170.5 last

166.5

164.5 **

162.5 *

160.5 **

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