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Monero, what are you doing?Hello everybody and welcome to my XMR analysis. If you are like me then you must be a big fan of Monero too, however, over the last 14 days XMR has been testing our patience after a failed attempt to break the USD 300 level. Today I'll share with you my thoughts and ideas that I have been working on and following for the last few weeks. If you like my analysis please give a 'thumbs-up' and/or follow me for more ideas in the future. So lets dive into Monero. In the previous and fierce rally of a bit more than 2 weeks ago, XMR made a strong move towards USD 300 but failed to break this important resistance. Coming from USD 160, XMR almost doubled in value within 2 weeks. Unsurprisingly the bulls ran out of steam after 2 weeks and had to retrace. To understand the whole situation we need to look back to the last few weeks and take a multi dimensional approach. In the daily chart below you can see that XMR is in an upward moving channel. Although XMR failed to breach USD 300k it has found strong support on the 200 day Exponantial-Moving-Average (EMA) with a wick finding support on the 50 EMA. After the failed attempt to break the USD 300 level, XMR initially found support at the psychologically important level of USD 250 but later moved to mid 230 levels with a wick going all the way to USD 220. To understand what happened here we need to have a look to the XMR/BTC chart as well. In the 4-hour chart below we can see that in the previous Monero rally, XMR was very close to reaching a new All-Time-High (ATH). When XMR failed to breach USD 300 it retraced all the way back until the 200 EMA where it found a bit of support but which didn't sustain. After that it fell back to the 50 EMA where it found stronger support. As you can see, XMR has found strong support on the 50 EMA on this level for the last few months and is currently holding up pretty well again. Although XMR is an altcoin with very distinct features compared to Bitcoin, it is currently very tied (as all altcoins) to the action going on with BTC. Last week we experienced a failed attempt from BTC to breach the important USD 10k level and this is holding the whole altcoin market in a grip. I believe that Bitcoin is currently preparing for another attempt to breach USD 10k and if it succeeds, XMR will likely profit from this as bulls will have the confidence to aim for the USD 300 mark again. Going back to the XMR/USD chart again - on the 4 hour chart - we are also forming a descending wedge. Downside momentum is decreasing and a potential break-out increasing. At the same time we are noticing that the Relative-Strength-Index (RSI) is turning bullish. The Commodity-Channel-Index (CCI) is at a healthy level and the Moving Average Convergence Divergence (MACD) is rolling over to become bullish again. These indicators are at a healthy level for a new rally since we do not want them to be over-bullish or over-bought now. So did we found a bottom and where are we heading? For now I think we either hit the bottom or are very close to it. XMRBTC and XMRUSD is currently finding strong support at the 200 and 50 EMA and sell volume is rather low. A new attempt to break USD 300 is in my opinion very likely so I expect XMR to at least touch USD 290 in the next 2 weeks. At the same time we need to carefully watch any BTC action. If BTC fails to break USD 10k and starts to retrace to USD 8k levels (or lower?) I expect the whole altcoin market to take a significant pull back as well. XMR will then retrace as well where the first level of support would be USD 200 which has been a strong support level in the past. This is not investment advice. Please do your own research before investing.
BITFINEX:XMRUSDLong
by UnknownUnicorn2185170
xmr-btc It's that time again - whale migration seasonXMR is a good cryptocurrency with strong community. When i have a few bucks laying around, I add small amounts of XMR to my portfolio. I've been mining it for quite some time now. Respecting a crypto for its tightly knit community and trading it is completely seperate things however. XMR has a peculiar habit to revisit its very bottom support line. It's happened twice before and "I believe" it will happen again. Very soon. My trade strategy for the next 3 months: - Wait if it dips below 0.013 btc - Rack up buy orders between 0.0120 ; 0.0125 - Wait if price movent starts to stall anywhere between 0.021 to 0.023 and sell. - Rebuy at 0.0135 and ride it to the moon.
by zobitore12kote
3
XMR vs BTC!! Two potential buy zones at playXMR vs Bitcoin! So on the daily log we have just recently completed a three outside down bearish candlestick pattern, followed by a single long upper shadow bearish candle as of yesterdays close. These are both bearish candlestick patterns. The MACD is still trending above the signal line, though at the time of writing momentum is falling and we are looking like an imminent cross below the signal line is on the horizon. Things aren’t looking good for the short term… but let’s see what our technical indicators are telling us. RSI is at 56 so we are not overbought or oversold, leaving plenty of room to go either go up or down, so not a lot of help here. Aroon Up is only just above 50 (68) and Aroon Down is at about 10 and rising – this is starting to look grim! Let’s not lose hope for the bulls though! Looking at the EMA’s, we had a test of the EMA 26 yesterday which provided support and today we tested the EMA 12 which has also (thus far) acted as support. This is our first positive sign. In another positive sign for a bit longer term outlook; we are currently trading within the orange dashed symmetrical triangle. As symmetrical triangles are generally a continuation pattern (and provide a well deserved period of consolidation and the recent bullish run), it is likely that we will break to the upside of it – it’s just a matter of when this will occur. If the EMA 12 continues to hold then we have a strong level of support here, as it is also converging with the 50% fib level at the same time. This would suggest a breakout of the symmetrical triangle could occur sooner rather than later. If the EMA 12 fails however, then we could be looking at a further drop and a test of the bottom of the symmetrical triangles trend line support. This would be an excellent buy zone as by this stage the triangle would be narrowing and it is likely a run back up would see us breakthrough to the upside. In terms of trading I am looking for a confirmed breakout above the symmetrical triangle. This represents a good buy zone and we would likely be on our way to a new all time high. If the EMA 12/50% Fib combo fails, then I would be looking for the bounce off the symmetrical triangles trend line and buying here for the run up and likely break out of the triangle (this would actually generate more profits in the long run than a sooner break out). Essentially I am bullish long term either way, it’s just a matter of when the break out will occur, and which level I buy! Cheers
Long
by Corrupt_Economy
XMR - Falling WedgeA user requested TA on XMR this morning and this actually looks like a gold mine. First of all, there is a very clear falling wedge on XMR/BTC on the 4H. A lot of people think falling wedges are bad but keep in mind that falling wedges tend to be bullish. Not only this, but taking a look at the MACD, XMR has made many attempts to flip positive and looks like it should have a bullish crossover anytime now. The RSI is about to fall into the oversold zone and things just look fantastic TA wise! I would enter anywhere between 25k-26.3k sats before the falling wedge breaks. My targets are based on fibonacci levels: 26.9k, 27.9k, 28.8k, 30k, and 32 sats. Lastly, I am not setting a stop loss on this, however if I were I would probably set one around 24.5k sats.
XLong
by astronautdotgg