Monero Analysis (XMRBTC): Intraday Timeframe Chart Patterns

POLONIEX:XMRBTC   Monero / Bitcoin
Conclusion 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.
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