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Monero/Bitcoin (XMR/BTC) - Anticipating a Triangle Breakout

Monero has been consolidating in November after a bearish run from September through October. So it's  been a couple months of steady decline followed by sudden rally that resulted in a triangle.

XMR/BTC

  • The 4H chart above shows what a lot of altcoins show, crazy volatility. 
  • Basically, the price of Monero against Bitcoin had a rollercoaster ride but eventually settled into a triangle in the second half of November.
  • The volatility has calmed down.
  • We can see that simply with the price action, but volume and the RSI also reflects this "calming down" of volatility. 
  • Let's be ready when volatility starts to widen.
  • We will be monitoring this for a trade. For now, it might be a decent idea to anticipate buying around the 0.017 area. 
  • But if price breaks below 0.1645, we might be seeing some bearish price action ahead. 
  • Let's consider a trade idea before the breakout:
  • Entry at: 0.01738000 BTCs. We will just call it like 1738 from here.
  • Stop: 1620 (-6.79%)
  • Target 1) 2020 (+16.23%)
  • Target 2) 2350 (+35.21%)
  • Target 3) 2580 (+48.45%)

Bitcoin Will Continue to be a Better Investment Than Litecoin

Decred/Bitcoin (DCR/BTC) Shifting Speed: Short-term Upside