Monero price initially rallied on Friday, but ran into a bit of resistance near the $136 level. This is an area that I think will offer significant trouble, but eventually I would anticipate that we will break above there. Once we do, that frees the market to go higher. Because of this, I am patiently waiting for that move, as I suspect there should be plenty of support at the $120 level. #
Ultimately, I don’t have any interest in shorting Monero, I believe that it will eventually buying pressure, but crypto currencies were relatively flat during most of the Friday session, so I would not read too much into the “selloff” you see on the hourly chart. It’s more of just a pullback, a simple continuation of the fluctuations you see in the markets daily.
I continue to buy dips in Monero, and this reaction on Friday might be another perfect example of this market picking up strength. I’m waiting for the break out first, and then I will serve buying dips as it shows a continuation of the upward pressure that we had seen previously. I don’t have any interest in shorting this market, least not until we would break down below the $100 level, something that doesn’t look very likely to happen right now. With that in mind, I remain bullish, but I also recognize that timing will help.
I have a longer-term target of $152, which was the recent high that the market hit back on September 1. I believe we will not only reach the level, but eventually break above it. In the meantime, patience will be needed and I would add slowly to a position that could be built up over time, as the market has been so reliably bullish on longer-term charts.