There is no doubt this market is gearing up for something, the question is what. Watch for the triangle break.
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Starting to look like down, we'll see if the red line of support holds:
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Support breaking as we speak:
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Buyers seem to be stepping in at the trendline...and all crypto seems to be going up for now. So there's still hope for monero, but honestly it would have to get back over .02 and hold it for me to get bullish again.
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Back below support.
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Barring some miraculous good news or something this is going to the bottom of the channel:
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Price continues to fall, pretty much all support has been broken on the daily, and now we have a bearish descending triangle on the 4h chart: Only positive thing for xmr/btc is that btc is looking weak, so if the triangle breaks up it will probably somewhat of a dead cat bounce IMO
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Boy oh boy was I wrong ab out that being a weak dead cat bounce, but in my defense it was purely spurred by Korean exchange BitThumb adding XMR for trading. This is why in trading we use stop losses to avoid getting rekt! Anyway, what now? The price made it all the way up to resistance at the old highs, in the short term this will probably be tough to break. RSI is already oversold.
But bigger picture, we may be forming and even bigger ascending triangle which is generally a bullish chart pattern. Further, that was the biggest volume day this year I believe, which is definitely bullish, but was this real demand or stupid money/liquidity temporarily flowing in. Time will tell. To be honest nothing seems clear to me at the moment with XMR right now, if that changes will update.
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bagofXMR
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Hopefully, we break up. I have in mind a "stop" (not in exchange, but cold storage) for my remaining bag of 22 usd. Hoping for a nice bull run to dump it, hopefully as high as 200 usd (yep, i'm a dreamer).
I'm personally expecting 77 usd in the following weeks.
As btc price changes so much in small time, it's not a reference for me anymore the btc price, so i have used to set targets stops in my xmr bag (my main "investment"/"trade") in usd.
Prometheus777
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Good analysis. Ascending triangle with a recent bias towards upside. XMR has multisig in testphase right now, the mobile wallet is nearly finished, Kovri (I2P implementation) is also near alpha release, the awareness rises and the growth of the XMR community is fast and accelerating. XMR has the strongest development after BTC and ETH and the largest community after those two. For me it is pretty clear that soon we will never see XMR below 100 USD again, this move could bring it more near to DASH and Zcash prices (150-300 USD).
I'm personally expecting 77 usd in the following weeks.
As btc price changes so much in small time, it's not a reference for me anymore the btc price, so i have used to set targets stops in my xmr bag (my main "investment"/"trade") in usd.