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Monero Technical Analysis – Bulls Target $50 – 19/12/18

Bob Mason

Key Highlights

  • Monero’s XMR gained 7.24% on Tuesday, following an 11.79% rally on Monday, to end the day at $46.37.
  • A late morning intraday low $42.28 saw Monero’s XMR steer well clear of the first major support level at $39.27.
  • A late in the day rally saw Monero’s XMR break through the first major resistance level at $45.91 to hit an intraday high $47.71 before easing back.
  • The extended bearish trend, formed at late April’s swing hi $298, remained firmly intact with Monero’s XMR sitting well short of the 23.6% FIB of $99, following last week’s new swing lo $37.18.

How to Buy Monero’s XMR

Monero’s XMR Price Resistance

Monero’s XMR gained 7.24% on Tuesday, following on from an 11.79% rally on Monday, to end the day at $46.37.

A mixed start to the day saw Monero’s XMR pullback from a morning high $44.77 to a late morning intraday low $42.28 before finding support from the broader market, the day’s major support and resistance levels left untested early on.

Tracking the broader market, Monero’s XMR moved back through to $44 levels in the early afternoon ahead of a broad based cryptomarket rally that drove Monero’s XMR through the day’s first major resistance level at $45.91 to an intraday high $47.71 before easing back to $46 levels by the day’s end.

For Monero’s XMR, a 2nd consecutive day of solid gains eased the pain, but was not enough to begin a near-term bullish trend, with the extended bearish trend formed at late April’s swing hi $298 remaining firmly intact, Monero’s XMR continuing to fall well short of the 23.6% FIB Retracement Level of $99 following last week’s new swing lo $37.18.

At the time of writing, Monero’s XMR was up 2.09% to $47.34, with Tuesday’s late in the day bounce continuing into the early hours, Monero’s XMR rising from a start of a day morning low $45.44 to a morning high $48.2 before easing back, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through the morning high $48.2 would give Monero’s XMR another run at the first major resistance level at $48.63 to bring $50 levels into play, though support would be needed from the broader market for Monero’s XMR to breakout from the first major resistance level later in the day to take a run at the second major resistance level at $50.88.

Failure to move back through the morning high $48.2 could see Monero’s XMR ease back through the morning low $45.44 to bring $44 levels and the day’s first major support level at $43.20 into play before any recovery, heavier losses not expected on the day barring a broad based crypto reversal.

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Looking at the Technical Indicators

Major Support Level: $43.20

Major Resistance Level: $48.63

Fib 23.6% Retracement Level: $99

Fib 38% Retracement Level: $137

Fib 62% Retracement Level: $198

This article was originally posted on FX Empire

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