Monero Observer XMR TA Report - Week 39, 2021
XMR opened at 234.13 (Kraken XMR-USD) and closed the week slightly above the daily 200 EMA at 259.13 (+10%~).
The bulls started Week 39 strong and managed to create a higher low/higher high pattern on the 4H chart and also an impressive MACD crossover on the daily. They never really took their foot off the gas.
After three consecutive good weeks for the bears, they were forced to scrap their dreaded daily death cross plans. They really have to defend now.
As I am writing this report, the bulls are attempting to pierce the daily 50 EMA with what looks like a nicely forming bullish hammer candle.
- Bullish scenario
The bulls have successfully accomplished almost everything they needed to and are now in an excellent position to attack 280.
As reported last week:
The bulls need to defend the weekly support zone at the 50 EMA (~225) and prevent a death cross on the daily to stop the bears from advancing further.
A close above both daily EMA’s (50 & 200) would open up the road to 280 and pontentially give them another shot at breaking the resistance located around the 330 region.
Best case scenario, they manage to break the lower low bearish pattern and escape the descending triangle. That would be a huge victory.
All they have to do now is stay above 250 and attack the bears at the descending triangle resistance around 280.
If they break the bears and escape the triangle, the next target would be previous resistance zones around 320-340.
- Bearish scenario
Having lost momentum, the now confused and exhausted bears have retreated, most probably in the 280 resistance area.
They cannot give up without a fight, but the stakes are high: a defeat in that zone would be disastruous for the bears as that would expose the crucial 340 resistance to a bull assault.
That’s their last major defence zone before the ATH, so bears need to win and clearly reject bulls in order to discourage any future attempts.
A close under 240 would be amazing at this point and after that they can restart plans to conquer 225 and then 180.
This is a weekly report that I will try and publish every Monday. Hope you enjoyed it. I love getting feedback @ /about/