XMRBTC trade ideas
Monero's move to 0.1History doesn't repeat, it rhymes. Will the market rhyme for Monero once more? If so, target of 0.1 may come to pass.
ALTS going to outperform BTC? XMR chart is a good example of building a big long-term position.
Price action is much smoother that it used to be.
XMRBTC has completed the bullish setup|up-to 254% profit expecteThe price action is moving within a pennant and it has also completed the formation of gartley pennant. At this time the priceline has touched the support of the pennant and also entered in potential reversal zone of gartley pennant. The MACD has also given weak bullish signal. Now the price action will take bullish divergence from here insha Allah.
The targets are:
Buy between: 0.01418328 to 0.00839000
Sell between: 0.01877468 to 0.02975743
Regards,
Atif Akbar (Moon333)
Monero Analysis (XMRBTC): Intraday Timeframe Chart PatternsConclusion for today’s Monero Analysis (XMRBTC): Price closing above ~0.01179518 implies resumption of the current bullish swing from May 13, 2019.
The 1 hour timeframe of Monero (XMRBTC) is presented using a log scale. Price action covered focuses on the bearish price channel to current date. A break out with XMRBTC closing above the upper boundary of the channel provides evidence for a termination of the current downtrend.
In addition, sideways price action has followed the channel with the formation of a symmetrical triangle (coil) reflecting a balance in power between XMRBTC bulls and bears. Of important note is the presence of a pennant structure inside of the symmetrical triangle. This is acceptable as a formation as chart patterns naturally can nest inside of one another.
The pennant is ideally a continuation pattern suggesting that the previous trend should resume upon completion (or confirmation) of the chart pattern, and in this case, bullish. Horizontal lines of support and resistance boundaries are also indicated on the 1 hour timeframe with a close below 0.01012464 indicating resumption and bearish strength.
The most conservative entry into a long position therefore involves buying Monero on a break above the uppermost boundary of intraday resistance at ~0.01179518. Buying on a break immediately after a break of the pennant to the upside is considered less conservative as it anticipates a break above resistance and therefore resumption of bullish momentum.
XMR-BTC Long Trade PlanCommodity : MONERO
Trade Type : LONG
Trading Against : BITCOIN
Entries : Double-UP Entries throughout the Buy Zone
Profit Taking : 25% at each TP point.
Profit Locking : Move SL to break even once TP1 is hit, to TP1 once TP2 hits, to TP2 once TP3 hits and so on
Duration - 1-2 weeks
XMR/BTCMy favorite coin to survive the shakeout. By far the safest bet in crypto, but probably the least rewarding.
Twice I've called alt season and twice I've failed.
Third time's the charm?
Alt charts should be making their way to the disbelief stage vs USD very soon, now that BTC has had its steep "sucker's rally".
I've seen the alt market act like this before, in December of 2017.
It appears the algorithms are using the same technique to hunt. Push down until there's no sellers left, then retest. Short term Adam & Eve.
Will the alt boom be as meteoric as December 2017?
Before, I was under the impression it would be a slow, tangent rise to the disbelief stage, but then we saw what BTC just did, so I looked back at the dot com bubble.
Same players, similar game.
Amazon, for example, took 40% of the time it took for its depression phase, to get to the top of the disbelief phase.
How does that look for alts? ~200 days of depression phase = ~80 days of uptrend to the top of the "sucker's rally".
Alts that are going to survive should be able to go to 35%-65% of their peaks of the bubble, in this phase.
XMR, for example, peaked at $480, so it should be able to make it somewhere in the range of $168-$312 within this 3 month period.
While BTC falls value, into disbelief, this should show a 2.5-5x rally, relative to BTC.
XMRBTC Finally going to make some NOISEJust want to start off and say thank you for taking the time to read my post.
XMR/BTC
My interest lately has been on Monero (XMR). Throughout this mini "alt szn" Monero has held pretty quiet, all while loading into a pattern. After looking more into it, Monero is setting up the same candlestick format as its local bottom back in August of 2018. This move back in 18 had monero on a +30% decline into a triangle, where it would explode out to post a 47% gain. It blew off steam at the .65 fib extension (my preference to use over the .618 fib) which is where it was met with a correction. This time around we are also on a +30% decline into our triangle, however I'm eyeing a smaller jump than before. My trade setup R:R is 5.7 (4.3%--->24.6%).
I hope I was able to elaborate my plan and reasoning behind this next move, good luck!
