XMRUSD 1W Cup & Handle 01/01/22XMR is presenting a long term favourable bullish structure.
Technicals:
Volume has increased into and during the handle, conforming to pattern expectation.
Triple bullish divergence on RSI (indicating a significant decrease in downwards momentum), which has the potential to close above 50 this week - indicating momentum passed equilibrium point in terms of oscillation (to the upside).
Stochastics (green & red) are presenting a fresh weekly cross above $223.43, which would imply an upwards oscillation is commencing.
BBWP (volatility indicator) has increased from significant lows (<2%) and continues to present an increase alongside momentum. This is a good indication of a potential longer term, large move incoming in favour of the upside.
Areas to monitor would be a breakout of the orange trendline to the pattern target of 35.2% from breakout and ~$517.60 for the handle neckline. A "perfect breakout" of the handle would implicate a price target to ~56.66% ($816.69) as per historical statistics.
Also note that the average historical price rise for a "perfect breakout" for this pattern is recorded as 54%.
Moonero? Let's see.
This is not financial advice and always DYOR .
