Monero Analysis (XMR/USD) October 26, 2017

Fibo Quantum

Monero continue to fall during the session on Wednesday, reaching towards the $85 level. It now looks as if we will revisit the lows at $82. I believe that the market should find some type of support in that area, but I am the first to admit that this is a bit disconcerting for those who would be bullish of the crypto currency. The US dollar course has a major influence on where this market goes next, as the Forex world has its say in the crypto world. If we do find some type of bounce from here, I suspect that you will probably be best suited to wait for a daily supportive candle to get involved. Alternately, if we break down below the $82 level, it’s likely that we will go to the $80 level next. If we get the bounce that many of you will be hoping for, the market will probably aim for the $90 level above.

Looking for buyers underneath

The volatility will continue, as Monero is known for shopping around quite a bit, but longer-term I am still bullish. I think that we need to build up the momentum to go higher, so it could be a bit of a fight in this general vicinity. If we do manage to turn things around and break above the $92 level, I think at that point we go to the $100 level rather quickly. Alternately, if we were to break down below the $80 level, I think at that point you would have to sit on the sidelines and wait for some type of supportive signal on longer-term charts. However, I believe that the breakdown is somewhat unlikely.

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