Monero Calls for No Action for the Time Being

Looking at Monero on the H4 resolution, here’s the first thing that I’m seeing:

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Looks like the price of Monero (USD) was bumping up against this overhead horizontal resistance for a little while before eventually breaking through (with volume).

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That large bump in the volume indicates that the price has broken through the resistance to the other side.

We can see an immediate and subsequent (re-test) of this former resistance as a support.

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If this does play out in the way that we expect, then this should be the subsequent price action:

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As we can see in the picture above, it looks like there’s a realistic upside of about 2.90% here.

This isn’t necessarily crazy, but nothing to scoff at either.

One Issue Though With the Indicators

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All the indicators above (momentum indicators), show impending consolidation for XMR/USD in the short-term.

H2 resolution doesn’t look any better.

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RSI(14) on the H4 resolution looks good, but certainly not enough to just an entry at this point in time.

This trade is a pass for me.
Bitcoin (Cryptocurrency)BTCChart PatternscryptoCryptocurrencyETHEthereum (Cryptocurrency)ForexTechnical IndicatorsmoneroTrend Analysisxmr

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