Monero had a bullish session on Tuesday, reaching towards the $90 handle. This of course has a certain amount of psychological resistance built in, but I think the real barrier that we need to overcome is the $92 level. If we can break above there, then the market will go looking towards the $97 level next, which has seen significant selling pressure in the past. The real prize of course is the psychologically important $100 level, and it looks like we could get there, especially considering that the central hub for Bitcoin Gold was attacked during the session, and it seems likely that the panic buying around the world of various crypto currencies is a reaction to that move. After all, if Bitcoin Gold isn’t going to be safe, people will be moving their money to other technologies. I believe that Monero has benefited from that over the last several hours.
Regardless, when I look at the technical analysis of this pair, it looks to me as if we should now start see a bit of a floor at the $85 level, so dips should be thought of as value. After all, technical analysis assumes that the entire psychology of the market is built into the chart, and for me, that’s an area where I think buyers are starting to become aggressive. With this in mind, I am a buyer and I recognize that there will be a few bumps along the way, especially the previously mentioned $92 level, $97 level, and the $100 level, but I think that given enough time we will break all 3 of those areas to the upside. It is not until we break down below $83 that I would be concerned with the overall trend of this market.
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