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Short

BTC Bull? XMR/BTC Monero Head and Shoulders .... Drop Imminent?

BINANCE:XMRBTC   Monero / Bitcoin
BTC showed it's resilience and strength today, busting through the coveted $10k resistance in a matter of hours.

As a result, many btc alt pairings have began breaking down.

Here we see Monero's 3 day chart.


There is a visible head and shoulders pattern that appears to be on the verge of completion and a breakdown. A lot of this will hinge on what BTC decides to do from here. BTC holds 10k? Odds favor continued XMR/ BTC drop . BTC pulls back hard? XMR could push and invalidate.


However, it's now lost all major EMA supports and is entering no-man's land of potential all-time lows.

RSI very much in bearish territory.

Bearish cross on the stoch RSI with momentum sloping downwards.

Potential target shown in green.


This is not financial advice.

Comment: BTC with a hard pull back. Based on 8 consecutive green hourly candles, it's best to not make a short entry, as alts are surging.

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