Monero Analysis (XMR/USD) October 6, 2017

Monero analysis

Monero Analysis (XMR/USD) October 6, 2017

Monero continues to chop around the $90 handle on Thursday, as we are trying to form some type of base. After the recent selloff, it looks like there is quite a bit of volatility in this market, but that is to be expected as crypto currencies aren’t as liquid as Forex. However, it looks as if there is a significant amount of interest in Monero in this region, so therefore I think it’s probably going to go higher from here. A bounce from this level could have the market looking towards the $95 level, and then eventually the $100 level. Expect significant volatility, but overall Monero has been reliably bullish over the longer term. Given enough time, I fully anticipate that Monero will break above the $100 level and go looking for more. Crypto currencies in general tend to follow Bitcoin, so pay attention to that market. If it starts to rally, Monero probably will as well in sympathy.

Buying dips

 

Buying dips in small increments allows you to build up a larger position to take advantage of what most certainly is a very bullish market. Although we have had a bit of bearishness lately, at the end of the day the longer-term charts still extend from the lower left to the upper right. With that being the case, I anticipate that every $5 or so you should see a bit of a fight, with the buyers winning over the longer term. This gives you the opportunity to add slowly, and build a large position so that you can increase profitability. I believe that the $85 level underneath is starting to act as a bit of a “floor.” If we break down below there, then the next obvious place to look for buyers would be near the $80 handle. I have no interest in shorting.

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