Monero Observer – Monero Observer XMR TA Report

Monero Observer – Monero Observer XMR TA Report

Monero
October 23, 2022 by secret
140
13 Sep 2021 [analysis] Overview Last week, XMR peaked at 324.40 on Monday (Kraken XMR-USD) and then dropped all the way to the previous support region around 242 on Tuesday. That’s the biggest move of the week, a 24.7% drop. Bears dominated. The action Frontline bulls showed up at the daily 200 EMA and did
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13 Sep 2021

[analysis]

Overview

Last week, XMR peaked at 324.40 on Monday (Kraken XMR-USD) and then dropped all the way to the previous support region around 242 on Tuesday.

That’s the biggest move of the week, a 24.7% drop. Bears dominated.

The action

Frontline bulls showed up at the daily 200 EMA and did their best to reject the bears with a long wick to the downside, managing to close that big bearish engulfing candle at 263.65.

After a couple of skirmishes, price consolidated between the 50 and 200 moving averages and closed at 256 on Sunday to end the week on a note of uncertainty.

Potential scenarios

As I am writing this report, the bulls are attempting to construct a nice bullish hammer with a decent wick supported by the 200 EMA.

If the bulls manage a close above the 50 EMA (~275) with enough volume and conviction, we might retest the long-standing descending triangle resistance at the 300 – 310 region.

Then pretty much the biggest thing that would be left standing between bulls and the ATH is the 350 level.

Bears need to show up and reject the bulls either at the 50 EMA or at the triangle resistance in order to maintain the lower low pattern.

A strong close under 240 is every bear’s wet dream that would leave the road to the previous support region at the 170-190 zone wide open.


This was requested by MO readers that liked my Monero Observer Blitz technical analysis end section. If you want to see more TA reports like this one, please let me know (via email) and I will try and create one each week: /about/

-escapethe3RA



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