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.
- 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%)