XMRUSD pushes through key technical resistance level
XMR/US Dollar Index (XMRUSD) Technical Analysis Report for Oct 18, 2020 | by Techniquant Editorial Team
XMRUSD finished Sunday at 124.74 gaining $4.59 (3.82%) on low volume. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Saturday's high at 123.01, Monero confirmed its breakout through the previous session high after trading up to $1.76 above it intraday.
Daily Candlestick Chart (XMRUSD as at Oct 18, 2020):
Sunday's trading range has been $4.66 (3.88%), that's far below the last trading month's daily average range of $8.29. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for XMRUSD.
Despite a weak opening the cryptocurrency managed to close above the prior day's open and close, forming a bullish Engulfing Candle. The last time this candlestick pattern showed up on August 20th, XMRUSD actually lost -9.15% on the following trading day. Additionally, three candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns and one bearish pattern, the Bearish Hikkake Pattern.
Buyers managed to take out the key technical resistance level at 123.68 (now S1), which is likely to act as support going forward. XMR found buyers again today around 120.11 for the third trading day in a row after having found demand at 119.57 in the previous session and at 119.46 two days ago.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling could speed up should prices move below the nearby swing low at 119.46 where further sell stops might get activated.
Among the 12 market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Hikkake Pattern" stand out. Its common bearish interpretation has been confirmed for XMR/USD. Out of 112 times, XMRUSD closed lower 59.82% of the time on the next trading day after the market condition occurred.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 2.69% and BCHUSD closing 1.76% higher. On the flipside the worst performer has been ETCUSD closing -0.36% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 13.16% and VETBTC closing 5.15% higher. The worst performers of the day have been WAVESBTC tanking -5.27% and WAVESUSD closing -4.08% lower. Read more