XMR/BTC What to consider before you buy!
If we mark out the daily range like so, we can see that we fell beneath the middle point of the range and are getting rejected so far, which isn't looking so good.
I wouldn't be looking for any buys right now, either wait until we hit the bottom for a possible bounce to the top, or if we break the middle point again and find support.
Now, it's worth noting that we bounced from the optimal fib zone, but since the higher timeframe is bearish, I think it's temporary. Still, if we break above again it might be worth looking for a buy.
Trade wisely.
I wouldn't be looking for any buys right now, either wait until we hit the bottom for a possible bounce to the top, or if we break the middle point again and find support.
Now, it's worth noting that we bounced from the optimal fib zone, but since the higher timeframe is bearish, I think it's temporary. Still, if we break above again it might be worth looking for a buy.
Trade wisely.
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