Crypto Screener Forums Monero (XMR) Forecast – Technical Analysis Monero (XMR) Technical Analysis – May 2018

This topic contains 2 replies, has 2 voices, and was last updated by margincall margincall 1 year, 1 month ago.

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  • #17637
    admin
    admin
    Moderator

    This is the thread for technical reports on the Monero markets in the month of May 2018.

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  • #17679
    margincall
    margincall
    Keymaster

    Monero has been one of the more volatile and also profitable markets to trade, lets jump in and have a look.

    xmrusd forecast 24 May 2018

    I zoomed out to the 1 day candles chart to get a better idea of the possible bottom forming on the Monero market. As we can see the $160 price zone has come into play 3 times since the start of the year, it is now testing it the 3rd time.

    The market is clearly in a bearish trend and most long trades should be considered higher risk in nature, with that said if $160 plays as support for a 3rd time it is very possible that we will see a reversal here.

    I am keeping this opinion in my mind, but I would also like to clarify that I believe Monero will most likely follow Bitcoin, which is at the moment also quite bearish. One of the most dangerous occupations for traders is to try and pick bottoms.

    The safer option would be to wait for market to consolidate above the bearish trend line before considering going long. On the shorter timeframes we can see a bit of buying momentum coming into the market, however I would advise most traders to be patient and let the market show you the way.

    Lets take a quick look at Monero versus Bitcoin.

    xmrbtc forecast 24 May 2018

    A quick look at the 1 Day candles and we are reminded that Monero IS one of the most volatile crypto’s and not for those with weak stomachs. This chart confirms the bearish momentum of the Monero market as well as the possible support zone on the shorter term.

    We can see that there is serious selling price action between, 0.025 btc – 0.035 btc, this is confirmed by the indicators and the fact that we saw sellers step in more than 3 times in this area. With that said there has also been some decent buying action, but the volume is very low and I would expect lower prices before we will witness a reversal.

    Support for this play can be as low as 0.018 btc, however I would keep an eye on the price action before jumping into the market.

     

    #17657
    margincall
    margincall
    Keymaster

    As we can see Monero has almost completely wiped out its gains recorded since the start of April. With more than 70% retracement since then the bulls will be looking at the market as open interest starts to build.

    xmrusd forecast 18 May 2018
    We can see a similar downtrend to other major Crypto’s, but in the case of Monero we are reaching the long term bullish trend line, which should act as some serious support for the market. With that said I will be looking at the price action in the $180 – $200 zone before going long or short on the market.

    It is important to remember that we are in a bearish downtrend and it is important to trade accordingly. In situations like this I will wait to see where the market consolidates going into the weekend. The next bout of buying or selling pressure will surely determine the next move as we are getting ready to test critical support.

    Should support around $180 fail I would expect quite a drop and some lower prices incoming. Monero is showing some strength against Bitcoin and it will be wise to keep an eye on XMR/BTC to see the momentum shift. Safe trades.

     

     

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