Monero: weekly market analysis (from 3 January to 9 January 2020 on a BTC / XMR pair)

BTC / XMR wild bulls and wild bears

The last seven days have been truly fantastic for monero, with an explosion of bullish volatility that we haven't seen on this currency for some time; today we also have the opportunity to observe the opening of the new candle of the month.

Looking at the pivot points on the 30D time frame, the first thing we immediately notice is that during the last week we have very simply witnessed the test of the R1; it remains to be seen, at this point, whether the price will drop by breaking the pivot and going to test the S1 this time, or whether it will recover altitude and attempt a test also of the R2.

Turning to the weekly chart, each bullish fantasy dies in the bud; here in fact we see that the price was violently rejected just after hitting the previous high of the end of November 2019, so now we can only expect a slow fall in the 0.00624BTC area.

Turning to the 1D chart, we realize, observing yesterday's candle, that evidently many other traders must have made the same evaluation, given the way they downloaded XMR.

Weekly forecast

At this point it is more than logical for a few weeks that monero will find herself entangled in fighting with the bears; this clearly does not mean that in the meantime volatility cannot give some other good profit, perhaps to the smartest traders who will place some purchase order with the hope of exploiting some flash crashes in case bitcoin ends up rearing causing the general panic selling on the alt .

There is a good chance that the price will return to the 0.0075BTC area in the next few days, but we can almost completely rule out that it will break this price range; for now, therefore, we can not help but update ourselves to certify that the price of XMR returns from where it started, that is in a price range between 0.0065BTC and 0.0062BTC.

Please note: this post is not intended to provide in any way financial advice related to how to invest your money but it is purely educational