Cryptocurrencies

XMR technical analysis

XMR seen from the temporality of 1W we can see how the structure of candles has been moving within a parallel channel where the price has been marking key points to reach the zone of lower weekly demand where the price has found strong momentum that has led to a series of bullish candles that have surpassed the zone of weekly demand located within the price range of 60.03 – 61.However, the price has also found strong resistance in the area of weekly supply located at 65.61, indicated in the graph above by the horizontal black color, we need the price to close above that horizontal to achieve our first target gain located at 77.39, indicated in the graph above by the horizontal upper black color.

XMR seen from the temporality of 1D we can observe more closely the current movement of candles, we see how the price has formed the double floor pattern on the diagonal support, a reversal signal that we are seeing in many USDT pairs, the price in its ascent has maintained an excellent bullish movement, we have 2 candles daily on the weekly demand zone, this can be a strong signal of continuation, however, we could have before a brief retreat to the areas marked in the chart above using the green arrows, there are 3 possible bullish scenarios at this point, if the price manages to close above the area of supply located at 65.61, it is very possible that we reach our first profit target located at 77.39, otherwise, the price can make a pullback confirmation on the diagonal of the channel and then continue with the bullish movement, the last bullish scenario raises a reversal before exceeding the supply zone, this reversal can reach the demand zone of 60.03 – 61.90 or lower before going for the breach of the channel.

In conclusion, XMR presents an excellent chart where the price should continue to rise and reach our profit targets, the first target is located at 77.39, while the second target profit is located within the price range of 92.56 – 98.60, we have closing above the weekly demand zone, this is a good sign of continuation, however, the candle is still very young and we could have some “rest” before continuing, therefore, I recommend to be very attentive to the action of the price in 1D and always remember to place your stop loss to avoid possible invalidations during the move.

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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