The 1 hour timeframe of Monero ( XMRBTC ) is presented using a log scale. Price action covered focuses on the 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 structure inside of the symmetrical triangle. This is acceptable as a formation as chart patterns naturally can nest inside of one another.
The is ideally a continuation pattern suggesting that the previous trend should resume upon completion (or confirmation) of the chart pattern, and in this case, . Horizontal lines of boundaries are also indicated on the 1 hour timeframe with a close below 0.01012464 indicating resumption and 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 to the upside is considered less conservative as it anticipates a break above resistance and therefore resumption of momentum.