Over the course of a week or so, XMR has formed a triangle, clearly visible on the H1 chart. Currently, the price is trading very close to the top resistance of the triangle, potentially breaking out on the top side.
The next move is highly correlated to BTC. We're currently seeing a bullish reversal from BTC, which naturally means that the alts will follow. However, if bears will take over today/tomorrow, expect XMR to fall, potentially fall through the bottom support of the triangle.
Keep an eye on this one. A break out could lead to a massive move in either direction. Always look at BTC as well when trading alts.
Happy trading!
The next move is highly correlated to BTC. We're currently seeing a bullish reversal from BTC, which naturally means that the alts will follow. However, if bears will take over today/tomorrow, expect XMR to fall, potentially fall through the bottom support of the triangle.
Keep an eye on this one. A break out could lead to a massive move in either direction. Always look at BTC as well when trading alts.
Happy trading!
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