Crypto Technicals: 'Bullish Gartley' pattern on XMR/USD raises scope for further upside

XMR/USD chart - Trading View

Exchange - Kraken

Support: 80.60 (5-DMA); Resistance: 86.60 (55-EMA)

Technical Analysis: Bias Bullish

Monero extends gains for the 4th straight session, trades 1.34% higher at 83.45 at 06:15 GMT.

A 'Bullish Gartley' pattern confirmed on the daily charts raises scope for upside.

Price action has broken above 20-DMA and MACD is showing a bullish crossover on signal line.

5-DMA is on verge of bullish crossover on 20-DMA which if completed will add to the bullish bias.

Stochs and RSI are biased higher and 5-DMA is showing a turn higher. Bullish divergence on Stochs adds to upside bias.

The pair has broken above 23.6% Fib and next major bull target lies at 38.2% Fib at 90.34. Retrace below 5-DMA will see consolidation at current levels.

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