There is no doubt this market is gearing up for something, the question is what. Watch for the triangle break.
Note
Starting to look like down, we'll see if the red line of support holds:Note
Support breaking as we speak:Note
Buyers seem to be stepping in at the trendline...and all crypto seems to be going up for now. So there's still hope for monero, but honestly it would have to get back over .02 and hold it for me to get bullish again.Note
Back below support.Note
Barring some miraculous good news or something this is going to the bottom of the channel:Note
Price continues to fall, pretty much all support has been broken on the daily, and now we have a bearish descending triangle on the 4h chart:Only positive thing for xmr/btc is that btc is looking weak, so if the triangle breaks up it will probably somewhat of a dead cat bounce IMO
Note
Boy oh boy was I wrong ab out that being a weak dead cat bounce, but in my defense it was purely spurred by Korean exchange BitThumb adding XMR for trading. This is why in trading we use stop losses to avoid getting rekt! Anyway, what now? The price made it all the way up to resistance at the old highs, in the short term this will probably be tough to break. RSI is already oversold. But bigger picture, we may be forming and even bigger ascending triangle which is generally a bullish chart pattern. Further, that was the biggest volume day this year I believe, which is definitely bullish, but was this real demand or stupid money/liquidity temporarily flowing in. Time will tell. To be honest nothing seems clear to me at the moment with XMR right now, if that changes will update.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.