Monero Technical Analysis – On the Slide – 23/11/18

Key Highlights

• Monero’s XMR fell by 5.9% on Thursday, reversing Wednesday’s 4.44% relief rally, to end the day at $64.16.
• An early morning intraday high $69.63 came up short of the day’s first major resistance level at $70.81 before hitting reverse.
• A day long reversal saw Monero’s XMR fall to a late intraday low $64.16, calling on support at the day’s first major support level at $63.97 before steadying.
• The day’s reversal reaffirmed the extended bearish trend, formed at late April’s swing hi $298, with Monero’s XMR having struck a new swing lo $60.5 on Tuesday.

How to Buy Monero’s XMR

Monero’s XMR Price Support

Monero’s XMR fell by 5.9% on Thursday, reversing Wednesday’s 4.44% gain, to end the day at $64.16.

A bullish start to the day saw Monero’s XMR move through to an early morning intraday high $69.63, coming up short of the day’s first major resistance level at $70.81 before falling victim to a broad based cryptomarket sell-off.

The reversal saw Monero’s XMR slide from the high $69.63 to a late in the day intraday low $64.03, the reversal mild relative to some of the other crypto majors that saw double digit losses, with Monero’s XMR finding support at the day’s first major support level at $63.97 to hold onto $64 levels on the day.

For the bears, the extended bearish trend formed back in late April’s swing hi $298 was reaffirmed following 3 days in the red out of the last 4 and Tuesday’s new swing lo $60.5, with Monero’s XMR now some way off the 23.6% FIB Retracement Level of $117.

At the time of writing, Monero’s XMR was down 2.17% to $62.77, with Thursday’s late sell-off continuing into the early hours of this morning, Monero’s XMR falling from a start of a day morning high $65.2 to a morning low $61.5 before steadying, the reversal seeing Monero’s XMR fall through the first major support level at $62.52.

For the day ahead, a move back through the first major support level at $62.52 to $63 levels would signal a possible afternoon recovery, with a move through the $65 levels needed to bring the first major resistance level at $67.85 into play, though sentiment across the broader market will need to materially improve to support a move back through to $65 levels later in the day.

Failure to move back through the first major support level could see Monero’s XMR pullback through the morning low $61.5 to bring $60 levels and the day’s second major support level at $60.34 into play before any recovery, sub-$60 support levels unlikely to be tested on the day.

Looking at the Technical Indicators

Major Support Level: $62.25

Major Resistance Level: $67.85

Fib 23.6% Retracement Level: $117

Fib 38% Retracement Level: $151

Fib 62% Retracement Level: $207