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Monero Technical Analysis – Bullish Trend Forming – 18/07/18

Bob Mason

Key Highlights

  • Monero’s XMR gained 6.57% on Tuesday, following on from Monday’s 9.22% rally, to end the day at $144.
  • A start of the day intraday low $134.79 saw Monero’s XMR hold well above the first major support level at $126.5 before moving through the first major resistance level at $139.8 to a morning $141.4 high.
  • Following the broader market, Monero’s XMR rallied through the first major resistance level at $139.8 and second major resistance level at $144.5 to an intraday high $148.49 before easing back to $144 by the day’s end.

How to Buy Monero’s XMR

Monero’s XMR Price Resistance

Monero’s XMR gained 6.57% on Tuesday, following Monday’s 9.22% rally, to end the day at $144.

A start of the day intraday low $134.79 saw Monero’s XMR steer well clear of the day’s first major support level at $126.5, with upward momentum from Monday’s rally continuing through the morning, taking Monero’s XMR through to a morning high $141.53 in the early hours for settling back to sub-$140 levels through the late morning and early afternoon.

The moves through the first half of the day seeing Monero’s XMR break through the first major resistance level at $139.8 early on in the day before the pullback.

Following the broader market, Monero’s XMR broke back through the first major resistance level at $139.8 and moved through the second major resistance level at $144.5 to a mid-afternoon intraday high $148.49, before easing back to $144 levels by the day’s end.

In spite of the gains through the start of the week, Monero’s XMR continued to fall short of the 23.6% FIB Retracement Level of $152, leaving the extended bearish trend formed at 24th April’s swing hi $298 intact, with Monero’s XMR needing to move back through to $150 levels to begin a bearish trend reversal.

At the time of writing, Monero’s XMR was up 1.55% to $146.23, with momentum from Tuesday’s rally driving Monero’s XMR to a morning high $149.74, before pulling back to $146 levels, $150 is now the key resistance level for Monero’s XMR that is looking to reverse the extended bearish trend with a break through the 23.6% FIB Retracement Level of $152.

For the day ahead, a move through to $148 levels would support another run at the first major resistance level at $150, to bring the 23.6% FIB Retracement Level of $152 into play, with positive sentiment across the broader market supporting the formation of a bearish trend reversal at $150 levels.

Failure to move through to $148 later in the day could see Monero’s XMR pullback through to the morning’s $144 low struck at the start of the day, though we will expect Monero’s XMR to consolidate the gains from the early part of the week to hold at $140 levels by the day’s end, with the first major support level at $136.4 likely to be left untested through the day.

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Looking at the Technical Indicators

Major Support Level: $136.4

Major Resistance Level: $150.1

Fib 23.6% Retracement Level: $152

Fib 38% Retracement Level: $180

Fib 62% Retracement Level: $225

This article was originally posted on FX Empire

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