Hello traders
Here's a side by side weekly and daily time frame of $XMR Monero against US dollar. As you can see on the weekly, the price has been moving in-between a range of support and resistance from 82 to 120 USD. We attempted two weeks to break above the 120 region of resistance but failed, which took us back to the 82 region, and currently trading slightly above this level of support.
On the daily time frame, we have formed a nice ascending trend line which seems to hold pretty well as of right now, as the price is still consolidating in-between 98.5 USD which is also a daily level of resistance and 82.5 USD being the daily support region.
I have highlighted the consolidation area with a grey rectangle, that also confluences with the ascending trend-line that I mentioned above, even though I believe we could see some stop hunts towards the likes of daily support region. However if we manage to close above the trend-line it would still indicate another push higher. Thus, a clean break and close above the daily resistance will take us towards 120 weekly level of resistance.
Knowing that the BTC dominance is currently at 65% and raising, a downside move of BTC would also mean bearish for XMR. Even though it seems like this is not the case, a break and close below the consolidation area on daily could take us towards $72.5
Here's a side by side weekly and daily time frame of $XMR Monero against US dollar. As you can see on the weekly, the price has been moving in-between a range of support and resistance from 82 to 120 USD. We attempted two weeks to break above the 120 region of resistance but failed, which took us back to the 82 region, and currently trading slightly above this level of support.
On the daily time frame, we have formed a nice ascending trend line which seems to hold pretty well as of right now, as the price is still consolidating in-between 98.5 USD which is also a daily level of resistance and 82.5 USD being the daily support region.
I have highlighted the consolidation area with a grey rectangle, that also confluences with the ascending trend-line that I mentioned above, even though I believe we could see some stop hunts towards the likes of daily support region. However if we manage to close above the trend-line it would still indicate another push higher. Thus, a clean break and close above the daily resistance will take us towards 120 weekly level of resistance.
Knowing that the BTC dominance is currently at 65% and raising, a downside move of BTC would also mean bearish for XMR. Even though it seems like this is not the case, a break and close below the consolidation area on daily could take us towards $72.5
