Monero Technical Analysis – Resistance Levels in Play – 08/04/19

Key Highlights

• Monero’s XMR rose by 2.79% on Sunday. Reversing a 2.02% fall from Saturday, Monero’s XMR ended the day at $69.92.

• A late afternoon intraday low $67.7 saw Monero’s XMR hold above the day’s first major support level at $65.95.

• A late in the day intraday high $70.5 saw Monero’s XMR test the first major resistance level at $70.16.

• The extended bearish trend, formed at late April’s swing hi $298, remained firmly intact. Monero’s XMR continued to fall well short of the 23.6% FIB of $99, following 15^th December’s swing lo $37.18.

How to Buy Monero’s XMR

Monero’s XMR Price Resistance

Monero’s XMR rose by 2.79% on Sunday. Reversing a 2.02 fall on Saturday, Monero’s XMR ended the day at $69.92.

4 days in the green through the first week of the 2^nd quarter delivered a 24.9% gain for Monero’s XMR. It could have been far more, having struck an intraweek high $77.88 on Tuesday.

A relatively choppy day saw Monero’s XMR hit a morning high $69.96 before hitting reverse. Falling short of the major resistance levels, Monero’s XMR fell to a late afternoon intraday low $67.70. Support from the broader market kicked in late in the day. Holding above the first major support level at $65.95, Monero’s XMR broke through the first major resistance level at $70.16 to hit an intraday high $70.5.

A particularly bullish week led to Monero’s XMR recording a 6^th consecutive week in the green.

For Monero’s XMR, the extended bearish trend formed at late April’s swing hi $298 remained firmly intact, however. Monero’s XMR continued to fall well short of the 23.6% FIB Retracement Level of $99, following 15^th December’s swing lo $37.18.

At the time of writing, Monero’s XMR was up 1.39% to $70.89. A bullish start to the day saw Monero’s XMR rise from a morning low $69.81 to a high $71.87 before easing back. The early move saw Monero’s XMR break through the first major resistance level at $71.05.

For the day ahead,

A move back through to $71 levels and the first major resistance level would bring $72 levels into play. Support from the broader market would be needed, however, for Monero’s XMR to breakout from the second major resistance level at $72.17. Barring a broad-based crypto rally, we would expect Monero’s XMR to fall short of $72 levels on the day.

Failure to move back through to $71 levels could see Monero’s XMR hit reverse later in the day. A fall through the morning low $69.81 to $69.40 levels would bring the first major support level at $68.25 into play. Barring a broad-based crypto sell-off, we would expect Monero’s XMR to steer clear of sub-$68 support levels on the day.

Looking at the Technical Indicators

Major Support Level: $68.25

Major Resistance Level: $71.05

23.6% FIB Retracement Level: $99

38.2% FIB Retracement Level: $137

62% FIB Retracement Level: $198

Please let us know what you think in the comments below

Thanks, Bob

This article was originally posted on FX Empire

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