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Technical Analysis of Monero XMRUSD November 2018

Technical Analysis of Monero July 2019

In this article, we will go through technical analysis of Monero July 2019 with weekly, daily and hourly charts.

Funded by generous donors of the Monero community, the Monero Konfrenco which took place on June 23 and 24 of Q2 is designed to distribute scientific and technical results in the privacy and financial technologies like digital cash for censorship-resistance.

The conference topics are restricted to Monero, and the organizers call out to sponsors and speakers to come to support the move for privacy.

Let’s see how the event is interpreted on the technical charts.

Technical Analysis of Monero July 2019 Weekly Chart

Technical Analysis of Monero July 2019 Weekly chart

Above you see the technical analysis of Monero July 2019 weekly chart.

A bird’s eye view from a weekly time frame of the XMRUSD crypto pair shows a formation of parabolic waves after a series of bullish closing bars that started from April 29 ’19. The bullish accumulation support established at 80.816 USD on May 20 ’19 persists as a stronger contender against the bears after they initiated a long bearish closing bar on June 24 ’19 and set resistance at 121.12 USD.

Failure to breach the 80.816 support should mean a continuation of the bullish price rally.

Technical Analysis of Monero July 2019 Daily Chart

Technical Analysis of Monero July 2019 daily chart

Lets move forward with technical analysis of Moneo July 2019 with this daily chart.

Similar to major cryptocurrencies on the top ten by market capitalization, the Monero (XMR) price ranges within a bearish and bullish divergence channel.

Confirmation to enter long position was confirmed after the second bullish divergence setup on June 10 ’19 with support established at 81.980, from which the pair skyrockets by about 39.3%.

The pair entered overbought on June 21 ’19, indicating new highs for profit taking. A bearish close below the 114.7 support level on June 23 ’19 will confirm a retracement of the gains.

Technical Analysis of Monero July 2019 Daily Chart 2

Technical Analysis of Monero July 2019 daily chart 2

As mentioned earlier, the price did close below the bullish accumulation support while at the same time exiting the overbought territory (RSI level-70) on June 25 ’19, establishing resistance at 121.120 USD, with the price racing down by about 25.7%.

We anticipate a hidden bullish divergence pattern on July 03 ’19 with support fixed at 85.80 USD, similar to an earlier hidden bullish divergence pattern on June 10 ’19 (81.98 USD).

Technical Analysis of Monero July 2019 H4 Chart

Technical Analysis of Monero July 2019 H4 chart

Formation of hidden bullish divergence on June 14 in combination with triple bullish accumulation patterns on June 15 ’19 11:00 set the pair up for a price gain of roughly 33.0% from the bullish divergence pattern.

 Another hidden divergence pattern is set on June 23 ’19 23:00 after establishing support at 112.090.

Technical Analysis of Monero July 2019 H4 Chart 2

Technical Analysis of Monero July 2019 H4 chart 2

The bulls were relieved of their position following a breakdown of bullish accumulation support (116.69 USD) on June 24 ’19 19:00 and a similar bearish pattern on June 29 ’19 23:00 (101.63 USD).

Signs of price recovery by the bulls and the right timing to exit short sell positions on the XMRUSD is signaled by a regular bullish divergence pattern in combination with a breakout of bearish accumulation on July 02 ’19 19:00 (82.617 USD) and July 03 ’19 19:00 (85.80 USD).

Technical Analysis of Monero July 2019 H1 Chart

Technical Analysis of Monero July 2019 H1 chart

The rising channel formed from, first a bullish hidden divergence setup, then followed by a regular bearish divergence, gave early warning signals for a price plummet. A breakdown of bullish accumulation on June 24 ’19 14:00 (119.90 USD) concluded the price descent by about 29.5%.

Technical Analysis of Monero July 2019 H1 Chart 2

Technical Analysis of Monero July 2019 H1 chart 2

A series of regular bullish divergence patterns flagged on July 01 ’19 13:00 and July 02 ’19 01:00 hint on exiting short sell positions similar to those on the 4hour time frame.

Conclusion

Although the general crypto market cap took a beat towards the end of Q2 ’19, If the Monero XMR price close above the 97.671 USD resistance, then we’ll look into buying into the anticipated bullish trend and head back to the last months high of 121.12 USD.

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