Today’s Analysis will focus on XMRBTC which has broken a long term down trend, currently trading in a zone between support and resistance.
Points to consider,
- Daily trend change ( Triple bottom)
- Local support confluences
- Structural resistance respected
- RSI testing support
- Stochastics in upper regions
- Declining volume nodes...
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With the rise...
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Showing a good sign of increasing volume today as it recovers ~746k sats level..
UCTS Buy signals on every LTF (12H & lower)
Looking for a potential flip back to support of this level as potential continuation
~850k as target (~15%)
$XMR is on a 27 % pullback and coming on our first area of interest with support + 0.786 Fib
However on macro, Daily MA 200 is breaking down. FOr the moment, $XMR is on our watchlist to see how the coin react.
Not Financial Advice
Well, the weekly BBands are extremely narrow in XMRBTC. So a breakout seems likely.
Even though we are a bit overbought on the weekly timeframe, the monthly says that there is huge upside potential.
Stoch RSI has been oversold for a very long time now, and this together with the BBAnds, imho favors the upside.
Now USD-wise, of course, much depends again on BTC....
XMR is almost back to the mean or previous support where we had a strong rally up to 9000 sats area.
XMR is currently formulating a potential bullish reversal pattern as the price approaches near the strong level of buy zone.
The market is still uncertain about the future so if any bad news will appear online,
XMR could still drop another 10% to resting...