Cryptocurrencies

XMR technical analysis

XMR seen from the temporality of 1D we can observe the setup of a diagonal expanding, the points of the movement are marked in the graph in blue color, we can see that the point four has respected the figure drawing itself up diagonally to the point two (I have traced it with a diagonal red color), we should expect a point five up diagonally to the point three, to complete the pattern we should reach the area that I have marked within a blue rectangle that is located within the price range of 131.95 – 137.60.

XMR seen from the temporality of 4H we can observe more closely the current movement of the candles, we see how the price has respected the key support located in the 83.48 where it has found demand, therefore, has taken the necessary bullish impulse to break the point EQ located in the 95.28, the current candle is beginning to show signs of a possible retreat, we could have a pullback below the point EQ and take impulse again in the support I have indicated with a blue horizontal color located at 92.56, if you respect this support, the price would be forming a setup of SHS (a very bullish pattern), this figure will be important to convince the bulls to go for point five of the major figure.

In conclusion, if we have a recession in the price below the EQ point, we should later claim the 95 again to follow the ups in the next move of XMR, overcoming the resistance of SUPPLY located at 104.35 the price will not have problems to reach the range of 131.95 – 137.60 mentioned above, as always, I recommend to be very attentive to the movement of the next candles of 4H.

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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