Monero continues to do a whole lot of nothing as Thursday saw trading action that was less than inspiring. However, it looks as if we did attempt to break above the $90 level, but turned around to form a negative looking shooting star. Because of this, I think that the market is going to continue to struggle and the short-term, but if we can break above that vinyl $90 handle, I think that the velocity of the market will pick up and we should go towards the $93 level next. So far, the pullbacks have been minor, and I think there is plenty of support near the $85 level to keep this market afloat. Ultimately, this is a market that should find buyers, especially if other crypto currencies start to rise as they tend to move in groupthink.
Building a position
Ultimately, this is a market that should continue to see choppiness, but I think you can build a position slowly. By doing so, you can take advantage of what should be an explosive moved to the upside as soon as we can clear the large handle. If we break down below the $85 level, then I think there’s even more support at the $82 level. Bitcoin leads the charge most of the time, so pay attention to that market, because if it starts to take off to the upside, Monero should continue to follow. Given enough time, I believe that we continue to reach even higher. The markets remain choppy in general, but when you move sideways, gives you an opportunity to take advantage of a market that is falling asleep. If we did breakdown below the $82 level, that would be a very negative sign. However, I think that overall, we are going to continue to see the US dollar dropped a bit lower, and of course that is good for all crypto currencies.