Conclusion for today’s Monero Analysis (XMRBTC): Price closing above ~0.01179518 implies resumption of the current bullish swing from May 13, 2019.
The 1 hour timeframe of Monero (XMRBTC) is presented using a log scale. Price action covered focuses on the bearish price channel to current date. A break out with XMRBTC closing above the upper boundary of the channel provides evidence for a termination of the current downtrend.
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In addition, sideways price action has followed the channel with the formation of a symmetrical triangle (coil) reflecting a balance in power between XMRBTC bulls and bears. Of important note is the presence of a pennant structure inside of the symmetrical triangle. This is acceptable as a formation as chart patterns naturally can nest inside of one another.
The pennant is ideally a continuation pattern suggesting that the previous trend should resume upon completion (or confirmation) of the chart pattern, and in this case, bullish.
Horizontal lines of support and resistance boundaries are also indicated on the 1 hour timeframe with a close below 0.01012464 indicating resumption and bearish strength.
The most conservative entry into a long position therefore involves buying Monero on a break above the uppermost boundary of intraday resistance at ~0.01179518. Buying on a break immediately after a break of the pennant to the upside is considered less conservative as it anticipates a break above resistance and therefore resumption of bullish momentum.
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Our previous Bitcoin analysis (BTCUSD) before the current price rally was also posted for FREE and can be found here.