MONERO (XMR/USD) Starts to Fight With The Heavy Resistance
Like almost all ALTS got a bounce from yesterday then so as Monero'.
It bounced upwards from previous support level at $97. It made a massive bullish "Engulfing" candle which guides us above the round number $100 and the profit from the bottom was +11%!
But looks like we have a heavy resistance above us. This red area has been historically a support and has been historically a resistance and now, again it starts to work as a resistance.
In this area, around the $110, are all important EMA's on the four-hour chart and also we could find a counter trendline which passing through this area and makes a cross. This will all indicate that the key level is around $110.
Break above the mentioned level will guide us back above the counter trendline, back above the EMA's and we make a new short-term higher high. Those criteria's are all bullish and if it could do this then definitely we are in the bullish zone again!
Hopefully, those levels and this analysis helped You out a little bit to confirm Your own analysis!
Please, don't forget to hit the LIKE button to support us!
Best regards!
It bounced upwards from previous support level at $97. It made a massive bullish "Engulfing" candle which guides us above the round number $100 and the profit from the bottom was +11%!
But looks like we have a heavy resistance above us. This red area has been historically a support and has been historically a resistance and now, again it starts to work as a resistance.
In this area, around the $110, are all important EMA's on the four-hour chart and also we could find a counter trendline which passing through this area and makes a cross. This will all indicate that the key level is around $110.
Break above the mentioned level will guide us back above the counter trendline, back above the EMA's and we make a new short-term higher high. Those criteria's are all bullish and if it could do this then definitely we are in the bullish zone again!
Hopefully, those levels and this analysis helped You out a little bit to confirm Your own analysis!
Please, don't forget to hit the LIKE button to support us!
Best regards!
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