• The bears are back in control of the market
• Traders may consider selling with bearish candle reversal pattern as confirmation
XMR/USD Long-term Trend: Bearish
Supply zone: $140.00, $180.00, $220.00
Demand zone: $40.00, $20.00, $10.00
XMR is in a bearish trend in its long-term outlook. The week began on a bullish note a continuation of the previous upward price movement with a large candle at $94.44. The trendline was broken and price rose initially to $107.69 and later to $108.64 in the supply area before momentum loss on 9th July.
The bears gradual returned was a drop of the coin to $9745. Increased bearish momentum led to the breakdown at the support in the trendline and the two EMA. XMRUSD plunges down to $87.00 in the demand area.
A retest of the broken trendline as the bulls pushed price back up to $98.34. This was a market correction and confirmation of the bearish continuation in the long-term.
Price is below the two EMA and the stochastic oscillator signal points down at 40% which suggest downward momentum in price.
$80.00, a key demand area may be retested as the journey down south continues in the dew week.
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