Monero Analysis: Intraday Timeframe Chart Patterns and Bullish B
Conclusion for today’s Monero Analysis: Price closing above ~65.518 implies bearish momentum slowing down and a potential change in the trend from bearish to bullish.
Monero analysis for today is presented on a 6 hour timeframe. Chart examination is provided from December 2018 to current date. Also included in today’s Monero Analysis is the 200 moving average and 50 moving average used to track price movement and/or trend changes.
The period from December 15, 2019 to June 23, 2019 produced an uptrend in Monero that has been followed ever since by down trending price action. Formation of a Head and shoulders top pattern between May 16, 2019 and August 14, 2019, as well as the downward sloping moving averages (200 and 50) provide further evidence for the current bearish trend in Monero.
A bearish price channel (not shown here) can also be plotted to capture price action from the June 23, 2019 price peak till date. A break above the upper boundary of the channel could therefore provide confirmation of bullish momentum in Monero.
Besides, ~65.518 is indicated on the chart as the price level to pay attention to as price recapturing the aforementioned level does suggest a slowing down of bearish momentum and/or change in the current trend from bearish to bullish.
Monero analysis for today is presented on a 6 hour timeframe. Chart examination is provided from December 2018 to current date. Also included in today’s Monero Analysis is the 200 moving average and 50 moving average used to track price movement and/or trend changes.
The period from December 15, 2019 to June 23, 2019 produced an uptrend in Monero that has been followed ever since by down trending price action. Formation of a Head and shoulders top pattern between May 16, 2019 and August 14, 2019, as well as the downward sloping moving averages (200 and 50) provide further evidence for the current bearish trend in Monero.
A bearish price channel (not shown here) can also be plotted to capture price action from the June 23, 2019 price peak till date. A break above the upper boundary of the channel could therefore provide confirmation of bullish momentum in Monero.
Besides, ~65.518 is indicated on the chart as the price level to pay attention to as price recapturing the aforementioned level does suggest a slowing down of bearish momentum and/or change in the current trend from bearish to bullish.
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