XMR / USDT technical analysis [BINANCE]
XMR seen from the temporality of 1D we can observe how the price has taken an upward impulse after correctly performing the pullback recovery of the support located in the 80.27, I have pointed in the chart above, the current candle has gained strength and is above the key support located in the 83.48, if the candle is able to close this way we could see the price continue to the supply zone indicated on the chart within a blue rectangle within the price range of 93.11 – 94.67, we also have the diagonal red resistance where the price could find resistance and undertake a reversal, is an area to be very aware.
XMR seen from the temporality of 4H we can observe more closely the current movement of candles, we see clearly the area where the support recovered and therefore the bullish momentum that has taken the price, in the chart above I have drawn the possible trajectory that could follow the price over the next few days, the trajectory I did respecting the key levels, as we see, if the price reaches the bid zone and then retracts, this retracement should not fall beyond the high forming the first wave of impulse by the red diagonal, if the price manages to respect that level we should see a next wave of impulse towards our second target located within the price range of 100 – 102.53 and then go back and respect as support the previous bid zone and then continue with the upward movement.
In conclusion, if this is achieved we will see the price outside the bearish channel that I have pointed out inside the chart in 4H through the blue diagonals, a very good scenario for XMR, the price structure in its correction has made an ABC pattern correctly and it seems that we are seeing the beginning of a structure of (EW) to continue with the next wave of impulse of the major structure, it is very important to follow the price action constantly to avoid possible traps, for example, if the price meets strong resistance in the red diagonal, the price could fall sharply and demand would be located in the support located in the 80.27, if the price falls below that level which would have become the neck line of a double ceiling, we would see the price fall towards $72 or below, so I always recommend to be very attentive to the price at all times and secure your trades.
As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.
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