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Monero Technical Analysis – Back in the $40s – 27/12/18

Bob Mason

Key Highlights

  • Monero’s XMR fell by 2.89% on Wednesday, following a 9.96% slide on Tuesday, to end the day at $48.78.
  • An early morning intraday high $51.96 came up short of the first major resistance level at $54.80 before hitting reverse.
  • An early afternoon intraday low $46.42 saw Monero’s XMR call on support at the first major support level at $46.53.
  • The extended bearish trend, formed at late April’s swing hi $298, remained firmly intact with Monero’s XMR sitting well short of the 23.6% FIB of $99, following 15th December’s swing lo $37.18.

How to Buy Monero’s XMR

Monero’s XMR Price Support

Monero’s XMR fell by 2.89% on Wednesday, following on from a 9.96% slide on Tuesday, to end the day at $48.78.

Tracking the broader market through the day, Monero’s XMR rallied to an early morning intraday high $51.96 before hitting reverse, the day’s high coming up well short of the first major resistance level at $54.80 and, of greater significance, the 23.6% FIB Retracement Level of $99.

A broad based cryptomarket sell-off weighed through the rest of the day, with Monero’s XMR sliding to an early afternoon intraday low $46.42, the reversal seeing Monero’s XMR call on support at the first major support level at $46.53 before recovering to $48 levels by the day’s end.

For Monero’s XMR, a 2nd consecutive day in the red reaffirmed the extended bearish trend formed at late April’s swing hi $298, Monero’s XMR continuing to fall well short of the 23.6% FIB Retracement Level of $99, following 15th December’s swing lo $37.18.

At the time of writing, Monero’s XMR was down 3.18% to $47.23, with moves through the early morning seeing Monero’s XMR fall from a morning high $48.84 to a morning low $46.93 before steadying, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through the morning high $48.84 to $49 levels would be needed to bring $50 levels and the day’s first major resistance level at $51.69 into play, with sentiment across the broader market needing to materially improve to support a break through to $50 levels later in the day.

Failure to move through the morning high $48.84 to $49 levels could see Monero’s XMR take a bigger hit later in the day, a fall through the morning low $46.93 bringing the first major support level at $46.15 and $45 levels into play before any recovery, the second major support level at $43.51 unlikely to be tested on the day.

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Looking at the Technical Indicators

Major Support Level: $46.15

Major Resistance Level: $51.69

Fib 23.6% Retracement Level: $99

Fib 38% Retracement Level: $137

Fib 62% Retracement Level: $198

This article was originally posted on FX Empire

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