Monero Technical Analysis – Resistance Levels in Play – 18/07/19
Key Highlights
Monero’s XMR rose by 3.26% on Wednesday. Partially reversing a 16.44% slide on Tuesday, Monero’s XMR ended the day at $76.7.
An early morning intraday low $72.0 saw Monero’s XMR steer clear of the first major support level at $70.05.
A late afternoon intraday high $80.68 saw Monero’s XMR fall short of the first major resistance level at $84.09.
The extended bearish trend, formed at late April 2018’s swing hi $298, remained firmly intact. A pullback through the 23.6% FIB of $99 reaffirmed the extended bearish trend after, Monero’s XMR had continued to fall short of the 38.2% FIB of $137.
Monero’s XMR Price Resistance
Monero’s XMR rose by 3.26% on Wednesday. Partially reversing a 16.44% slide on Tuesday, Monero’s XMR ended the day at $76.7.
A bearish start to the day saw Monero’s XMR fall to an early morning intraday low $72.0. Steering clear of the first major support level at $70.05, Monero’s XMR rallied to a late afternoon intraday high $80.68.
In spite of the afternoon rally, Monero’s XMR came up short of the first major resistance level at $84.09.
Monero’s XMR eased back through the latter part of the day, limiting the upside on the day.
For Monero’s XMR, the extended bearish trend formed at late April 2018’s swing hi $298 remained intact. The July fall back through the 23.6% FIB of $99, reaffirmed the extended bearish trend, following 15th December’s swing lo $37.18. Ahead of the pullback, Monero’s XRM had also failed to break through the 38.2% FIB of $137 to take a run at the 62% FIB of $198.
For the bulls, a move back through to $115 levels would be needed to support a run at $140 levels. A move through the 38.2% FIB would see Monero’s XMR form a near-term bullish trend.
At the time of writing, Monero’s XMR was up by 1.38% to $77.76. A bearish start to the day saw Monero’s XMR fall to an early morning low $75.24.
Steering clear of the first major support level at $72.24, Monero’s XMR bounced back to a morning high $78.06. Monero’s XMR fell short of the first major resistance level at $80.92.
For the day ahead
A hold above $76.50 levels through the morning would support further upside on the day. Monero’s XMR would need to move through the morning high to $78.5 levels, however, to bring $80 levels into play.
Barring a broad-based crypto rally, the first major resistance level at $80.92 and Wednesday’s high $80.68 would likely limit upside on the day.
Failure to hold above $76.50 levels could see Monero’s XMR slide through the morning low $75.24 to $73 levels before any recovery.
Barring a crypto meltdown, Monero’s XMR would likely steer clear of the first major support level at $72.24.
Looking at the Technical Indicators
Major Support Level: $72.24
Major Resistance Level: $80.92
23.6% FIB Retracement Level: $99
38.2% FIB Retracement Level: $137
62% FIB Retracement Level: $198
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Thanks, Bob
This article was originally posted on FX Empire
