tradermoon

Consolidation = Big Move Incoming

KRAKEN:XMRXBT   Monero / Bitcoin
We're approaching the end of a consolidation.

End of long consolidation usually means the price is ready to move unilaterally in one direction.

It's too early to tell which direction but it has to break 0.014 for a bullish trade or 0.012 for a bearish trade.

If I had to guess, I'd say we're in for a very strong bullish reversal as XBT loses more ground to USD.

I'd still go long at 0.012 on smaller time frames but would definitely avoid any short below 0.014 because of the poor R:R ratio.

Comments