Monero: weekly market analysis (from 24 January to 30 January 2020 on BTC / XMR pair)
Currently with Monero we find ourselves more or less in the same area of a week ago, if everything goes smoothly, as I hope, in the end we will have a new maximum as expected; until however there is a breakdown of the resistance, although things are proceeding as planned for now, there is little to be sure so let's immediately take a look at the graphs and try to make sure that the scenario hasn't changed since a week ago.
BTC / XMR holds up the bullish push
We start as always from the 30D chart, here we see that the price, after reaching the last minimum of October 2016, has started to exploit the support to give life to what, potentially and according to the best wishes, should be a reversal phase ; even the MACD, in fact, seems destined to inevitably return to a bullish trend within three months.
On the 7D chart, however, we see how the EMA20 is supporting and, after the retracement of last week, has allowed the bulls to return to pushing the prices upwards.
Turning to the daily chart, however, we see how the EMA50 has timidly cut the EMA100 upwards while the ichimoku clouds show us that we are clearly in a bullish scenario, despite the Tenkan having cut the Kijun downward (a bearish signal that however could easily be invalidated in the coming days).
A quick look at the 4H chart shows us how there is no element that pushes us to consider the bulls' push finished.
At this moment we can be (almost) certain that the XMR price will return to 0.008BTC; in my opinion, the breaking of the last maximum is practically obvious so I expect a new maximum in the 0.00909BTC area (at the EMA50 on weekly time frame) which will most likely be followed by a retracement.
It is not said, however, that the bulls' action does not find even more bullish momentum ending up directly testing the EMA100 in the 0.011BTC zone, however at this moment, betting on a scenario of this type does not make sense; the targets at this moment are 0.008BTC share (the last maximum reached on January 17th), 0.00909BTC share (as we said before in correspondence with the EMA50) and then there is the EMA100 test which, in any case , can hardly be broken in the first assault.
Please note: this post is not intended to provide in any way financial advice relating to how to invest your money but has purely educational purposes.