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FxWirePro: XMR/USD upside capped by 55- day EMA, good to sell on rallies
Bitcoin is consolidating after hitting high of 6596 and is currently trading around $6462. Any break below 5800 confirms bearish continuation.Major altcoins following foot steps of Bitcoin.
XMRUSD has shown a good recovery of more than 25% after hitting low of $96.67. The pair hits high of $122.95. It has lost more than $20 from the high.
The near term resistance is around $113.45 (55-day EMA) and any break above targets $128/$142/ $151.95.
On the lower side, near term support is around $106 (50- day MA) and any close below targets $100/$96/$76.
It is good to sell on rallies around $114-$115 with SL around $124 for the TP of $76.