EOS & Monero’s XMR Daily Tech Analysis –09/09/19

It’s back in the red for the pair. Following solid gains last week, the broader market will need to rebound to support further gains later in the day.
Bob Mason
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EOS

EOS rallied by 6% on Sunday. Following on from an 11.2% surge on Saturday, EOS ended the day at $3.7887.

A particularly bullish weekend gave EOS a 15.83% gain for the week.

On the day, a relatively choppy morning saw EOS fall from an early morning high $3.6804 to a late morning intraday low $3.5144.

In spite of the morning moves, EOS left the major support and resistance levels untested.

Finding support from the broader market, EOS rallied to a late afternoon intraday high $3.8250. EOS broke through the first major resistance level at $3.7728 before easing back to sub-$3.70 levels.

A second rally late in the day saw EOS break back through the first major resistance level to revisit $3.8 levels before easing back. While falling back to $3.7 levels, EOS managed to hold above the first major resistance level at the day end.

In spite of the weekend rally, the extended bearish trend, formed back at April 2018’s swing hi $23.03, remained firmly intact. EOS continued to fall short of the 23.6% FIB of $6.62 following a pullback from $8.65 levels in late June.

At the time of writing, EOS was down by 2.42% to $3.6972. A bearish start to the day saw EOS slide from an early morning high $3.8184 to a low $3.6416 before finding support.

EOS left the major support and resistance levels untested early on.

For the day ahead

EOS would need to move back through to $3.71 levels to support a run at the first major resistance level at $3.9043.

Support from the broader market would be needed, however, for EOS to break out from this morning’s high $3.8184 and Sunday’s high $3.8250.

Barring a broad-based crypto rally, EOS would likely continue to come up short of $4.0 levels on the day.

Failure to move back through to $3.71 levels would see EOS spend the day in the red. A fall through the morning low $3.6416 to $3.62 levels would bring the first major support level at $3.5937 into play.

Barring a crypto meltdown, EOS should steer well clear of the second major support level at $3.3988.

Looking at the Technical Indicators

Major Support Level: $3.5937

Major Resistance Level: $3.9043

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Monero’s XMR

Monero’s XMR fell by 1.05% on Sunday. Partially reversing a 3.86% gain from Saturday, Monero’s XMR ended the day at $77.28.

Sunday’s pullback left Monero’s XMR with a 7.68% gain for the week.

On the day, a bullish start to the morning saw Monero’s XMR strike an early morning intraday high $78.89 before hitting reverse.

Falling short of the first major resistance level at $80.02, Monero’s XMR slid to a late morning intraday low $74.02.

The reversal saw Monero’s XMR fall through the first major support level at $75.12.

Finding support from the broader market, Monero’s XMR recovered to a 2nd half of a day high $77.51 before easing back to sub-$77 levels.

A return to $77 levels in the final hour of the day limited the downside on the day.

For Monero’s XMR, the extended bearish trend formed at late April 2018’s swing hi $298 remained intact. The July fall back through the 23.6% FIB of $99, reaffirmed the extended bearish trend, following 15th December’s swing lo $37.18.

At the time of writing, Monero’s XMR was down by 0.69% to $76.75. Pressured by the broader market, Monero’s XMR fell from an early morning high $77.24 to a low $76.75.

Monero’s XMR left the major support and resistance levels untested early on.

For the day ahead

Monero’s XMR would need to move through to $77.30 levels to support a run at the first major resistance level at $78.87.

Support from the broader market would be needed, however, for Monero’s XMR to break through to $78 levels.

In the event of a crypto rebound, the first major resistance level at $78.87 and Sunday’s high $78.89 would likely pin Monero’s XMR back from $80 levels.

Failure to move through to $77.30 levels would see Monero’s XMR slide deeper into the red. A fall through to $76.20 levels would bring the first major support level at $75.70 into play.

Barring an extended sell-off through the day, Monero’s XMR should steer clear of sub-$75 support levels.

Looking at the Technical Indicators

Major Support Level: $75.70

Major Resistance Level: $78.87

23.6% FIB Retracement Level: $99

38.2% FIB Retracement Level: $137

62% FIB Retracement Level: $198

Please let us know what you think in the comments below.

Thanks, Bob

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