Monero Technical Analysis – Bears kick off a Friday Sell-off – 11/05/18
Key Highlights
Monero’s XMR slid 4.57% on Thursday, more than reversing Wednesday’s 1.95% gain, to end the day at $216.77.
An intraday high $233.92 fell short of the day’s first major resistance level at $235.19, with Monero also failing to break back through the 38.25 FIB Retracement Level of $246.3.
A late in the day slide to an intraday low $216.25 saw Monero’s XMR fall through the day’s first major support level at $217.05 to come in reach of the 62% FIB Retracement Level of $213.8.
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Monero Price Support
Monero’s XMR slid by 4.57% on Thursday, more than reversing Wednesday’s 1.95% gain, to end the day at $216.88.
The first half of the day provide some hope of a shift in sentiment, with Monero’s XRM having seen its bullish trend, formed back at 6th April’s swing lo $161.1, come into question, with the week’s bearish moves leading to the formation of a near-term bearish trend.
Thursday’s range bound moves ultimately weighed on the broader market, leading to Monero’s XRM sliding through the day’s first major support level at $217.05 to an intraday low $216.25, holding just above the 62% FIB Retracement Level of $213.8.
Monero’s XMR had failed to hit a new swing hi since the 24th April’s swing hi $299, placing further pressure on the bullish trend through early May.
The hold at well below the 38.2% FIB Retracement Level and the day’s first major support level supported a bullish trend reversal, the bearish trend coming off the back of 9th May’s swing lo $215.59.
At the time of writing, Monero’s XMR was down 4.88% to $206.29, with a broad market sell-off spilling over from late Thursday, the moves through the early part of the day affirming the formation of the near-term bearish trend.
A morning $216.88 high came at the start of the day, with Monero’s XMR sliding to $212 within the first hour, before tumbling through the day’s first major support level at $210.71 to a morning low $206.21.
For the day ahead, failure to move back through to $210 levels suggests further declines on the cards for Monero’s XMR that will likely see the day’s second major support level at $204.6 be tested before any recovery, though sentiment across the broader market will need to improve for support levels to kick in later in the day.
Holding at $205 levels through the morning would support a recovery through the 2nd half of the day, though for Monero’s XMR to reverse the near-term bearish trend, a move through the day’s first major resistance level at $228.4 would be needed to support a run at the 23.6% FIB Retracement Level of $235.3, which is likely to be a step too far for the day.
The bears have taken control and sub-$200 support levels are certainly in play.
Looking at the Technical Indicators
Major Support Level: $210.7
Major Resistance Level: $228.4
Fib 23.6% Retracement Level: $235.3
Fib 38% Retracement Level: $247.5
Fib 62% Retracement Level: $267.1
This article was originally posted on FX Empire