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Crypto Technicals: Monero (XMR) recovery falters at major trendline resistance, slips below cloud

Wed, 21 Aug 2019, 07:36 am UTC

XMR/USD chart - Trading View

Exchange - Kraken

Support: 75.35 (trendline); Resistance: 85.75 (cloud base)

Technical Analysis: Bias Bearish

XMR/USD slumps lower for the second straight session, trades around 5% lower at 81.61 at 07:25 GMT.

Recovery in the pair was capped below major trendline resistance and the pair has slipped below daily cloud.

Price action has retraced break above 200H SMA, and volatility is rising on the intraday charts.

Momentum with the bears. RSI is well below 50 levels and biased lower. Hidden bearish divergence on RSI likely to plummet prices.

Scope for test of immediate support at 78.59 (50% Fib). Further weakness will see dip till trendline support at 75.35.

Major trend is sideways. Price action rages in 'Symmetric Triangle' pattern. Breakout will provide clear directional bias.

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