$XMR / BTC - TREND ANALYSIS
AS MONERO HAS BEEN PLUMETTING, QUESTION IS WILL IT GO DOWN MORE OR RECOVER?
AS PAINTED WITH YELLOW WE ARE LOOKING AT 3 OPTIONS:
1. UPWARDS MOVE
2. CONSOLIDATION
3. DOWNWARDS MOVE
ATM / STATUS:
XMR SEEMS TO BE IN A STRONG SUPPORT AREA, LOOKING AT PREVIOUS AREAS OF SUPPORT, AND VPVR, WHY IT COULD CONSOLIDATE HERE FOR A WHILE, BUT ANY MOVE OUT OF THIS REGION WOULD BE IMPORTANT - IF A MOVE OUT OF THE CURRENT ZONE, WE ARE LOOKING AT A RISE TO PREVIOUS RESISTANCE, OR GOING DOWN TO NEXT SUPPORT LEVEL
OTHER INDICATORS:
BOTH MACD AND RSI SEEMS TO BE BOTTOMING OUT, BUT HAVENT TURNED AROUND INTO AN UPWARDS MOVE QUITE YET
PREDICTION:
AS CURRENT AREA IS STRONG (PREVIOUS SUPPORT + VPVR), AND MACD+RSI LOOKING OVERSOLD AND SLOWLY TURNING AROUND FROM BOTTOM, I AM EXPECTING A SHORT CONSOLIDATION PERIOD FOLLOWED BY UPWARDS MOVE TO PREVIOUS RESISTANCE.
DISCLAIMER:
NOT FINANCIAL ADVICE, PURELY SPECULATION
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