Hey Monero Maximalists!
My favorite long term hold, Monero (XMR), remains in a bearish trend, as seen in the above chart. In the very short term, XMR/BTC failed to break above the 0.0075 resistance area yesterday and has since dropped back down to the 0.0065 area. If it can hold above the local low in the 0.0063 area, that will be a positive sign for the bulls.
However, if XMR/BTC continues falling and breaks below the 0.0063 local low, it will approach a prior support area in the 0.006 region which would be a favorable area to buy, in my opinion. If XMR/BTC were to fall slightly further and break below the October 2016 low of 0.0058, the next historical support levels are in the 0.0051, 0.0048, 0.00475, and the 0.0043 areas, which would all be favorable areas to buy extremely undervalued XMR in my opinion. Another area to keep in mind is the 88.6% Fibonacci retracement level at 0.00486.
As you may have noticed in the XMR/BTC monthly logarithmic chart above, I am still using the Poloniex exchange, since the historical data goes back the furthest, and it provides the most complete picture for a more thorough analysis. This is due to the fact that Poloniex was one of the earliest exchanges to support Monero.
Due to the bearish trend, the technical bias remains to the downside until the bulls can break through resistance. Nevertheless, I expect that a bottom should come soon (assuming it is not already in) since Monero is extremely undervalued in my opinion for fundamental reasons I've posted on before.
Stay ahead of the masses,
Seth Maniscalco
Founder, Crypto Wealth Coach LLC
Owner, Modern Wealth Management LP
www.CryptoWealthCoach.com/VIP
My favorite long term hold, Monero (XMR), remains in a bearish trend, as seen in the above chart. In the very short term, XMR/BTC failed to break above the 0.0075 resistance area yesterday and has since dropped back down to the 0.0065 area. If it can hold above the local low in the 0.0063 area, that will be a positive sign for the bulls.
However, if XMR/BTC continues falling and breaks below the 0.0063 local low, it will approach a prior support area in the 0.006 region which would be a favorable area to buy, in my opinion. If XMR/BTC were to fall slightly further and break below the October 2016 low of 0.0058, the next historical support levels are in the 0.0051, 0.0048, 0.00475, and the 0.0043 areas, which would all be favorable areas to buy extremely undervalued XMR in my opinion. Another area to keep in mind is the 88.6% Fibonacci retracement level at 0.00486.
As you may have noticed in the XMR/BTC monthly logarithmic chart above, I am still using the Poloniex exchange, since the historical data goes back the furthest, and it provides the most complete picture for a more thorough analysis. This is due to the fact that Poloniex was one of the earliest exchanges to support Monero.
Due to the bearish trend, the technical bias remains to the downside until the bulls can break through resistance. Nevertheless, I expect that a bottom should come soon (assuming it is not already in) since Monero is extremely undervalued in my opinion for fundamental reasons I've posted on before.
Stay ahead of the masses,
Seth Maniscalco
Founder, Crypto Wealth Coach LLC
Owner, Modern Wealth Management LP
www.CryptoWealthCoach.com/VIP
