Monero Technical Analysis – Support Levels in Play – 10/05/19
Key Highlights
Monero’s XMR slid by 3.44% on Thursday. Reversing a 3.46% rally from Wednesday, Monero’s XMR ended the day at $65.17.
An early morning intraday high $68.89 saw Monero’s XMR break through the first major resistance level at $68.75 before hitting reverse.
A late afternoon intraday low $63.68 saw Monero’s XMR fall through the day’s first major support level at $65.41.
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 15th December’s swing lo $37.18.
Monero’s XMR Price Support
Monero’s XMR slid by 3.44% on Thursday. Reversing a 3.46% rally from Wednesday, Monero’s XMR ended the day at $65.17.
A relatively bullish start to the day saw Monero’s XMR break through the first major resistance level at $68.75 to hit an intraday high $68.89.
Pulling back through to the late afternoon, Monero’s XMR fell to an intraday low $63.68 before finding support.
The reversal saw Monero’s XMR slide through the first major resistance level at $65.41. Holding above the second major support level at $63.28, Monero’s XMR recovered to $65 levels late on.
For Monero’s XMR, 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 Retracement Level of $99, following 15th December’s swing lo $37.18.
At the time of writing, Monero’s XMR was up by 0.97% to $65.80. Bucking the trend from across the broader market, Monero’s XMR moved from a morning low $64.87 to a high $66.07.
In spite of the bullish start to the day, Monero’s XMR left the day’s major support and resistance levels untested early on.
For the day ahead,
A move back through to $66 levels would support a run at $68 levels before any pullback. Monero’s XMR would need support from the broader market, however, to break out from $66 levels on the day.
In the event of a crypto rebound, Monero’s XMR would likely break through the first major resistance level at $68.15.
Monero’s XMR would likely fall short of $70 levels, however, and the second major resistance level at $71.12.
Failure to move back through to $66 levels could see Monero’s XMR hit reverse later in the day. A pullback through to $64 levels would bring $63 levels into play before any recovery.
Barring an extended crypto sell-off, Monero’s XMR would likely steer clear of the first major support level at $62.94.
Looking at the Technical Indicators
Major Support Level: $62.94
Major Resistance Level: $68.15
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
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