NikGibler

XMR/BTC BOTTOMING OUT - STAY ALERT FOR SIGNAL

BINANCE:XMRBTC   Monero / Bitcoin

What we are seeing here is a very well-behaved 60-day chart for XMR/BTC as it develops on the Binance exchange.

Several different things can be noticed in this Chart/TA.

1) Monero has been moving upwards (at a very consistent angle of 25 degrees) inside of a very defined channel as can be seen between the resistance line {white-dotted} and the support line {red-dotted}. Generally it stays between the GREEN highlighted area and it usually hits the BLUE highlighted area right before and after the Bollinger Bands squeeze in.

2) A full Elliot Wave cycle was completed on the 5th of January, and from then on till 01.16 - XMR had been on the rise as per expected (beginning of new Elliot Wave cycle) The retracement seen during the correction of the previous wave was par for course as it originally hit at 50%FIB (A) and bottomed out at 61.8%FIB (C).

3) We are now at a crossroads: If the current trend support line is broken in the next 2-3 days, we will see XMR moving lower than it has been. However, if it begins its climb once again within the next 36-48 hours, we will see it remain on its same 60-day course (for starters). Stay alert for the signal marked by the two cyan colored arrows.

4) if and when the resistance level is broken (marked by the dotted-white-line) we could finally expect to possibly break out of the current channel. We have however, seen that happen on December 20th, and it quickly corrected back to remain within its parameters.

Please do further research and due diligence before deciding to invest or sell. A fully-informed investor, is a smart investor. Be a smart investor. :)

Thanks for sharing!
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