extremely strong point of supply around 0.0187
May correct a bit, this should take at least few days before we clear it if we do. If we do that quicker, this is a huge sign that bulls are clearly stronger than bears.
Why? Is there some kind of sell wall waiting?
there is likely some people taking profits allready
I stopped posting any charts in bitcointalk but i'll do it since you were nice to me few months ago.
To make the chart clearer, disreguard any drawing except the black line around 0.0147 and the red circle.
Basically, look at the chart above, and look at the price action around 0.0147 (i have no clue why i wrote 0.0187, maybe because i am sick). Lot's of people bought first in end of august, maybe some of them sold at the top, but I don't believe people buying here is the "smart money", thus they are probably the one, with people wanting to get some xmr before it goes to the "moon", that massively bought at that price level until the end of october, until we finally broke that support and those guys were left bagholder.
Now, after 3 months and a rather nice BTC rally, those guy that have bagholded XMR and suffered pain just want to break even, that's why we will probably not be able to close above that point today, and probably in the very short term, since we need to get rid of that active supply. Nonetheless, I learned from past trading experience with XMR that resistance may just be destroyed, and if this is the case, for the resistance we are speaking about, it is extremely bullish as this is a resistance that can be drawn on a weekly chart (the longer the timeframe, the bigger the importance of patterns, supports and resistance). anyway, we'll see what happens, no crystal balls, just trying to extrapolate information endogeneous to price.
that was as objective as possible, but at the end you can see some hint on my personal sentiment about XMR valuation
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