Key Highlights
- Price action moving lower after 28.08.2017 highs of 153
- Break above 103 will signal trend reversal
- 60 still remains a significant support
TECHNICAL ANALYSIS
If anything, 60.00 remains a strong support zone after that break above on 21.08.2017. Since then, price action trended higher eventually finding reasonable resistance at 154. However, the price has since corrected with 31.08.2017 and 08.09.2017 resistance trend line acting as a ceiling. Chances of further lower “lows” are high given the behavior of stochastics. So far, there is a sell signal with bear momentum continuing.
I foresee further losses towards the support trend line-drawn between 17.07.2017 and 19.08.2017- where if a sell signal is formed, I will recommend buys. Till then, the bears are in charge (refer Monero daily chart above).
In the 1HR chart, the USD demand is evident and by the look of things, immediate support at 92.00 will most likely be broken. So far, stochastics are turning higher and sellers are expected somewhere between 98.00 and 103.5.
FUNDAMENTAL FACTORS
USD demand is expected to grow after yesterday’s Fed announcement. The Fed is bullish and will begin reducing their $4.5 T balance sheet while planning for an additional rate hike in December.
TECHNICAL INDICATORS
Stochastics
Daily Chart-Bearish
1 Hr chart-Bearish
Contributed by Dalmas, a crypto-enthusiast and trader with a keen eye to market trends and analysis. All charts courtesy of Trading View
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.
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