XMR ANALYSIS:
XMR setup looks very similar to many other major alts, and unfortunately the buy volume still isn’t there to keep the price afloat. XMR had a relief rally hitting over 40, but was then rejected again cutting below and making no temporary support along the way. I expect a slow push to the new resistance, followed by a rejection further down to major support. Wait until a confirmed rejection at/near $36 before opening shorts. Short targets are T1 at $30.60, T2 at $29.30, and T3 at $27.86. I believe XMR buy volume will really step in when XMR hits this low. It would also confirm a nice double bottom and produce a potential bullish divergence.
Short Entries: $36-38
XMR setup looks very similar to many other major alts, and unfortunately the buy volume still isn’t there to keep the price afloat. XMR had a relief rally hitting over 40, but was then rejected again cutting below and making no temporary support along the way. I expect a slow push to the new resistance, followed by a rejection further down to major support. Wait until a confirmed rejection at/near $36 before opening shorts. Short targets are T1 at $30.60, T2 at $29.30, and T3 at $27.86. I believe XMR buy volume will really step in when XMR hits this low. It would also confirm a nice double bottom and produce a potential bullish divergence.
Short Entries: $36-38