$XMR #MONERO - THE FLAG - at the end of a downtrendHello Lads and Ladies,
As promised, there is at least one TA per day here and today we are looking into XMRBTC - one hell of a clear picture.
To beginn with, we take a look at the previous structure, that was a very strong uptrend that XMRBTC was following after it hit a very strong support at 0.011 this uptrend continued all the way up to 0.034 which was basically a 3x gain.
Logically, we saw a pretty nice crash after it, breaking the uptrend obviously.
After the crash to the 50% fibs retracement, XMRBTC went sideways for quite a while after which it retested the very strong resistance at 0.030. It got rejected there and started a new, very well respected downtrend. This downtrend continued as expected towards the 61.8% fibs line at 0.021, where it was about to break out but this was exactly when the whole market was taking a sweet bloodbath, so very unfortunately this downtrend continued heading towards the 76.8% fibs line at 0.016.
A very remarkable aspect is that this downtrend is VERY steep so the charts naturally narrows when it is approaching the end of the downtrend. You can see this "phenomenon" even better when you look at all white lines indicated in the chart, which are forming a very clear FLAG. This type of flag is normally a very bullish sign and as soon at it is finding support and breaks the downtrend, the breakout is remarkable and humungous.
Since XMRBTC was supposed to change the trend at the 61.8% fibs line, it seems to be changing it at 78.6%. The first big move will be to the 61.8% fibs line, where it will show, if this trend would have been reversing or not, when it ws supposed to do so, but failed due to the whole market. At this point we will either XMRBTC continuing the uptrend towards the 0.030 line OR reading back down to the very crucial support at 0.0116.
Right now, I am very bullish on, especially with many other coins XMRBTC forming right now a bigger double bottom, I see it definitely breaking the harsh downtrend and continuing past the 61.8% fibs line.
Nevertheless, I will watch it closely and would expect it to go down to at least the 78.6% fibs line and see what it is doing there.
I would suggest getting a big bag of XMRBTC at UNDER 0.0175 to 0.016 - lets see what happens.
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Cheers, Tomas
