A quick look at the history of XMR and we see that it follows the price moves of BTC , often mirroring it's movement but with more . in the past months we've seen it stay consistently above 21, with the recent drop springing back within the week.
Sounds great right? Well, I predict further drops in the market overall before things are ready to run wild and free once more. XMR, then, will likely also see declines in price in the coming days before we get back on the run.
is on the downturn, seems to be heading to cross into a downtrend after the brief uptrend it's been seeing.
This would be the point in the silent comedy where the guy carrying the large object up the stairs from the second floor to the fourth, slips on a banana peel on floor 3 and falls back down to ground level. Likely while being distracted by an attractive neighbor.
What will be most interesting, and has proven fruitful during the previous drop, is seeing how coins react to the overall market moves and their recovery speeds.
Big moves in the market test large resistance areas across the board and can show us, with a fair degree of certainty, where the supports and resistances lie in a macro sense. These can be risky to buy into, the old "catching a falling knife" analogy, but often provide the information you can later use to set buy-in, TP, and SL points.
I wouldn't buy-in right this second. We might see some more gains post for the short term (im talking a couple days), but I anticipate price moving down to the previous hard resistance point if not lower. It really depends on what we see out of BTC . If the bears are strong enough to smash BTC's lower resistances, XMR will not pose a chance.
Best course of action? Wait until we're nearing the previous resistance and make a move then. This is a slow mover, so don't worry about missing 40% gains by waiting a few days to confirm direction is back in the upwardly persuasion. Better than losing 20% because of a market shakeout this week.
Potential for 60% gains from previous to previous ATH . But will be HODL'ing for a bit. That said if/when BTC decides to reach higher highs, expect XMR to be there with it for a tasty return on your pesos.
I'm a simple guy that you don't know posting his ideas on the internet for the sake of improving as a human being. If you take this as financial advice, that's on you.
Feedback, criticism and crude humor are welcome :)
Will we keep heading towards the buy or stall out? BTC will tell us in the coming days.
Keep an eye on it.