Monero approaching oversold
Updated
Good morning,
Monero has moved sideways since the last major correction in mid-September. A nice spinning top has formed on the 4hr which suggests we might see prices move back up, but we should wait for more candles to confirm. If support is not made at $87, I expect to see Monero fall to the bottom of the channel around $84. RSI is approaching oversold territory which suggests we could see a move up in the near future as buyers could take advantage of the cheap prices.
I believe if Monero breaks the downtrend line it will be a good signal to buy. From there I expect it to retest the $103 resistance.
Monero has moved sideways since the last major correction in mid-September. A nice spinning top has formed on the 4hr which suggests we might see prices move back up, but we should wait for more candles to confirm. If support is not made at $87, I expect to see Monero fall to the bottom of the channel around $84. RSI is approaching oversold territory which suggests we could see a move up in the near future as buyers could take advantage of the cheap prices.
I believe if Monero breaks the downtrend line it will be a good signal to buy. From there I expect it to retest the $103 resistance.
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Good evening,The spinning top did turn out to be a good turn around point, and Monero has broken up through the downtrend line. As Brandon50115 pointed out in the comments below, the price has found resistance at $95.
Where do we go from here? I'm going to watch BTC very closely. If BTC breaks down its uptrend line, I would take that as a good signal to close out any short trades for XMR (if that happens hopefully everyone at least gets Brandon's $95). If BTC finds support and continues its upward movement, I think XMR will be able to move past $95 up to the resistance at $103 (and hopefully beyond!)
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