XMR ANALYSIS: SHORT THE RELIEF RALLY
XMR ANALYSIS:
XMR setup looks very similar to many other major alts, and unfortunately the buy volume still isn’t there to keep the price afloat. XMR had a relief rally hitting over 40, but was then rejected again cutting below and making no temporary support along the way. I expect a slow push to the new resistance, followed by a rejection further down to major support. Wait until a confirmed rejection at/near $36 before opening shorts. Short targets are T1 at $30.60, T2 at $29.30, and T3 at $27.86. I believe XMR buy volume will really step in when XMR hits this low. It would also confirm a nice double bottom and produce a potential bullish divergence.
Short Entries: $36-38
XMR setup looks very similar to many other major alts, and unfortunately the buy volume still isn’t there to keep the price afloat. XMR had a relief rally hitting over 40, but was then rejected again cutting below and making no temporary support along the way. I expect a slow push to the new resistance, followed by a rejection further down to major support. Wait until a confirmed rejection at/near $36 before opening shorts. Short targets are T1 at $30.60, T2 at $29.30, and T3 at $27.86. I believe XMR buy volume will really step in when XMR hits this low. It would also confirm a nice double bottom and produce a potential bullish divergence.
Short Entries: $36-38
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.