Cryptocurrencies

XMR seen from the temporality of 1D we can see how the price has made a correct pullback recovery of the support located in the 70.95, the previous wing has found resistance at the base of the SHS, the horizontal I have traced in the 77, to get the price to overcome this barrier, we could see a new bullish momentum towards the next resistance located in the 85.32, this is a zone of offer in which it is usual to sell, after reaching this point, the price could fall towards 77 or lower forming an ABC structure before continuing rising or in its defect, to go down, in the graph we also see the blue diagonal that I have traced as resistance of the current figure, this level is also necessary to take into account, since it will be an important level of resistance, since it joins with the horizontal, if the price does not manage to follow its bullish movement, we must wait to see how the price reacts in the support located in the 70.95, if it closes again below, it is very possible that we will fall towards the zone of demand located in the 54.43, indicated in the graph by means of a horizontal red color.

In conclusion, if the price manages to close strongly above the diagonal resistance, it is very possible that we will reach the area of supply and even go to look for a test of the high range located in the 97.45, the current movement is being favored by BTC, however, we must take into account that in the short term is expected a bearish movement that could affect the price of XMR, the most advisable is to expect the price to break the diagonal and operate with a stop loss in case of a possible bearish market scenario, always be aware of the action of the price of both the alts we operate and BTC.

As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.

You can follow me on Twitter: https://twitter.com/armijogarcia

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