All things being equal, this is a market that I think is trying to form some type of bottoming pattern so that we can turn things around.
The Monero market fell during the session on Thursday as we continue to see a lot of choppy volatility and not only crypto markets, but financial markets in general. With that being said, Monero is going to be a lot less traded as far as volume is concerned in comparison to other markets such as Ethereum and Bitcoin. Because of this, you need to be aware of the fact that you need a little bit of help from those markets in order for Monero to rally significantly.
When you look at the chart, you can see that the Thursday session was slightly negative, following a massive spike higher during the Wednesday session. It is worth noting that the market failed just below the 200 Day EMA during the Monday session and formed a massive shooting star. It is not to say that we have to break down, but it does show that we have a significant amount of resistance above current trading. It is worth noting that the market has been in a downtrend for a while, and now that we are between the 50 Day EMA and the 200 Day EMA, it tends to be very noisy.
That being said, if we break down below the bottom of the candlestick for the Thursday session, then it opens up a move down to the $150 level. That is an area that has been rock solid as far as support is concerned, so I do not think that we break down below there right away. In fact, I think it would take a little bit of effort to get below the $140 level.
On the upside, if we were to break above the 200 Day EMA, it would be a very bullish sign, perhaps working in concert with the Bitcoin market if it does in fact take out the resistance above at the $45,000 level. Either way, it looks as if Monero is going to suffer at the whims of the bigger markets, but that is nothing new. All things being equal, this is a market that I think is trying to form some type of bottoming pattern so that we can turn things around. Whether or not that holds will more than likely have just as much to do with external factors as anything to do with the internal network.
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