Hello fellow traders! Welcome to Spacepeso's first chart! Lets dive right into it.
XMR - Monero has been one of many quiet coins in the cryptocurrency space lately. Whether Bitcoin is bullish or bearish could determine the action that Monero takes in the next couple of days. So on this chart today, we have the 200D EMA cruising just above Monero's USD pair. This could be a bullish indicator if it gets past and holds it. We have also found that there is a massive trendline pushing down the price of Monero for the last 16 months. When this trendline and 200D EMA are broken, it will call for a buying reaction from the bulls. Placing the Fibonacci Retracement from the last high of $147 and last low of $37 shows us that a move from the current price of $69 could move to a cool $100-$104 (The .65-.618). This may be a good trade in a market where a lot of other coins are heavily overbought. I have also labeled some points of resistance at $148 & $88 that may act as resistance on this possible move up. If Bitcoin does continue its sideways or upwards trend, no doubt will the bullish scenario drawn on the chart will take place. If Bitcoin does start to tumble we may see a denial of breaking the 200D EMA and long term trendline resistance, which would send the price down, and leave it to retest a break another time.
XMR - Monero has been one of many quiet coins in the cryptocurrency space lately. Whether Bitcoin is bullish or bearish could determine the action that Monero takes in the next couple of days. So on this chart today, we have the 200D EMA cruising just above Monero's USD pair. This could be a bullish indicator if it gets past and holds it. We have also found that there is a massive trendline pushing down the price of Monero for the last 16 months. When this trendline and 200D EMA are broken, it will call for a buying reaction from the bulls. Placing the Fibonacci Retracement from the last high of $147 and last low of $37 shows us that a move from the current price of $69 could move to a cool $100-$104 (The .65-.618). This may be a good trade in a market where a lot of other coins are heavily overbought. I have also labeled some points of resistance at $148 & $88 that may act as resistance on this possible move up. If Bitcoin does continue its sideways or upwards trend, no doubt will the bullish scenario drawn on the chart will take place. If Bitcoin does start to tumble we may see a denial of breaking the 200D EMA and long term trendline resistance, which would send the price down, and leave it to retest a break another time.