Monero Calls for No Action for the Time Being

Looking at Monero on the H4 resolution, here’s the first thing that I’m seeing:



Looks like the price of Monero (USD) was bumping up against this overhead horizontal resistance for a little while before eventually breaking through (with volume).



That large bump in the volume indicates that the price has broken through the resistance to the other side.

We can see an immediate and subsequent (re-test) of this former resistance as a support.



If this does play out in the way that we expect, then this should be the subsequent price action:





As we can see in the picture above, it looks like there’s a realistic upside of about 2.90% here.

This isn’t necessarily crazy, but nothing to scoff at either.

One Issue Though With the Indicators









All the indicators above (momentum indicators), show impending consolidation for XMR/USD in the short-term.

H2 resolution doesn’t look any better.



RSI(14) on the H4 resolution looks good, but certainly not enough to just an entry at this point in time.

This trade is a pass for me.