XMR vs USD Following a massive 320% rise since March there is now evidence to support a significant correction is very likely.
The facts:
1) The above 3-day clearly indicates a bearish divergence between price action and the oscillators.
2) Price action is constrained within a rising wedge = bearish.
3) RSI support becomes resistance (orange line) following the overbought condition (green column).
Can price action go higher? For sure - might touch $145
Is it probable we go higher? No. Risk reward is unacceptable.
Targets:
1st $96
2nd $75
3rd $57
10-day chart:
We can see MFI is very overbought (circled in black) @ a value of 91 - this is ridiculous.
