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Monero XMR/USD - technical anlysis

For third day, Monero price against USD(XMR/USD) is trading softer coincided with the same bearish sentiment of Bitcoin and US dollar. The price still traded the crucial price level(previous resistance level on September) at 11.65800. The price at 10.943839, 0.681 fibonacci retracement could be a more psychological level as it signaled the end point of the u-shape recovery valley. XMR/USD price must be stay above this level to preserve the current reversal bullish trend. So keep an eye on this level, I would expect the price would test it soon.

Chart drawn on Tradingview and XMR/Tether USD data by Poloniex

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Remember: The author is a trader who is subject to all manner of error in judgement. Do your own research, and be prepared to take full responsibility for your own trades.

Please do your own due diligence before making any investment decision. This article should not serve as investment advice. This post is mainly as reference and tutorial for trading on possible cryptocurrency breakout.

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