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Monero Technical Analysis – Resistance Levels in Play – 18/07/19

Bob Mason

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.

How to Buy Monero’s XMR

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.

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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

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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