Monero analysis is carried out on a 4hr time frame chart with commentary provided below based on the numbers marked on the chart.
(1) Price action in Monero from April 20, 2018 to April 26, 2018 formed the right shoulder (rs) of a head and shoulder top pattern in Monero, which progressed into the bearish channel.
The bear channel has contained price action ever since, and is therefore important to pay attention to for Monero (XMRBTC). Price closing outside of the channel is a great opportunity to enter long trades if confirmed by bullish momentum. Other less conservative approaches to going long (buy) would seek to buy XMRBTC prior to price action breaking to the upside of the channel.
(2) Support region which is between ~0.01491 and 0.01175 is anticipated to provide an entry opportunity into a long (buy) position. The bottom of the current bear channel does coincide with the lower region of support i.e. 0.01175, which therefore increases the chance of price action finding support in the mentioned region above.
(3) The relative strength index (RSI) currently has a downward slope, which indicates the chances of price continuing its path downwards to the support region.
The conclusion therefore for this analysis is that Monero (XMRBTC) is in a downtrend (sellers market), and any long (buy) position requires patience for bullish momentum to resume.
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