Monero Technical Analysis – Bucking the Trend – 19/10/18

Key Highlights

• Monero’s XMR slid by 2.33% on Thursday, following Wednesday’s 1.66% decline to end the day at $102.15.

• A bullish start to the day saw Monero’s XMR break through the first major resistance level at $105.52 with an intraday high $105.8.

• A reversal saw Monero’s XMR fall through the first major support and second major support levels to call on support at the third major support level at $100.83, with an intraday low $100.8.

• The day’s moves saw Monero’s XMR continue to fall short of the 23.6% FIB Retracement Level, leaving the extended bearish trend intact.

How to Buy Monero’s XMR

Monero’s XMR Price Support

Monero’s XMR slid by 2.33% on Thursday, following on from a 1.66% fall on Wednesday, to end the day at $102.15.

Tracking the broader market, Monero’s XMR broke through the day’s first major resistance level at $105.52, with a bullish start to the day seeing Monero’s XMR strike an intraday high $105.8 before succumbing to market forces and a broad based market reversal.

The day reversal saw Monero’s XMR fall through the first major support level at $103.65 and second major support level at $102.7 to call on support at the day’s third major support level at $100.83, with a late in the day intraday low $100.8 before steadying.

Support in the final hours eased some of the pain, with Monero’s XMR recovering to $102 by the day’s end.

Wednesday and Thursday’s losses reaffirmed the extended bearish trend formed at late April’s swing hi $298, with Monero’s XMR continuing to fall short of the 23.6% FIB Retracement Level of $130.

At the time of writing, Monero’s XMR bucked the trend across the broader market, rising by 1.75% to $103.74, a bullish start to the day seeing Monero’s XMR rally from a start of a day morning low $102.13 to an early morning high $104.22 before easing back, the moves through the early morning leaving the day’s major support and resistance levels untested.

For the day ahead, a move back through to $104 levels would support another run at $105 levels to bring the day’s first major resistance level at $105.03 into play, though for Monero’s XMR to hold on to the early gains and take a run at the major resistance levels, sentiment across the broader market will need to improve through the morning.

Failure to move back through to $104 levels could see Monero’s XMR begin to give up gains from the early morning, with a pullback through to the morning low $102.13 bringing $100 levels and the day’s first major support level at $100.03 into play, any more material losses to test sub-$100 support levels unlikely, barring particularly negative news hitting the news wires.

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Looking at the Technical Indicators

Major Support Level: $100.03

Major Resistance Level: $105.03

Fib 23.6% Retracement Level: $130

Fib 38% Retracement Level: $162

Fib 62% Retracement Level: $214

This article was originally posted on FX Empire

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