XMR/BTC – Forex Academy

Monero (XMR)

Market Cap: $2.16B

Circulating Supply: 16.12M XMR

Max Supply: 0 XMR

Volume (24h) $36.49M

XMR/USD = $132.77

Technical Analysis

XMR/BTC dropped sharply today but failed to reach the 0.01950010 yesterday’s low. It is expected to drop further as the Head and Shoulders pattern is confirmed now. The price has increased a little in the short term, but it was only a temporary rebound. The crypto is on a declining path in the short term and maybe you can still go short on it.

The rate is pressuring a dynamic support, so a valid breakdown will confirm a further drop towards the next downside targets.

XMR/BTC dropped again below the upside 50% Fibonacci line (descending dotted line) of the descending pitchfork but it remains to be seen if this will really be a valid breakdown or if we’ll have another false breakdown.

You can see that the 50% Fibonacci line acts like a very strong dynamic support and has rejected the rate in the last weeks. A valid breakdown will confirm a further drop towards the median line (ML) of the descending pitchfork and towards the major uptrend line.

The failure to reach and retest the upper median line (UML) of the descending pitchfork has signalled a high selling pressure. It has broken below the lower median line (lml) of the black descending pitchfork.

Conclusion

Right now we don’t have a great selling opportunity but only because the sell-off has already started, but you could still go short if the rate will close above or if it will stabilise below the 50% Fibonacci line. The next major target will be at the uptrend line.

XMR/BTC has developed a Head and Shoulders pattern, but we still need the confirmation. What are the perspectives now? Can we sell this crypto pair?

Monero (XMR)

Market Cap: $3.70B

Circulating Supply: 16.02M XMR

Max Supply: 0 XMR

Volume (24h) $32.97M

XMR/USD = $231.03

The XMR/BTC is trading into a strong support area. The price increased today and is trying to reach the 0.02505000 yesterday’s high. It remains to see what will really happen in the upcoming period because it looks like the rate has developed a Head and Shoulders chart pattern.

The rate moves sideways on the short term, so we’ll have a clear direction only after a valid breakout from this pattern.

XMR/BTC has found a temporary support on the 50% Fibonacci line and on the 0.023 static support. It could increase a little and could try to retest the upper median line (UML) of the descending pitchfork. A valid breakdown below the 0.023 area could validate the Head and Shoulders pattern.

The crypto pair will drop towards the 0.016 if this scenario will take shape. Price could drop as long as it stays below the 150% Fibonacci line.

Personally, I believe that the rate will take out the resistance from the 150% Fibonacci line if it will touch it. We could think of another trading opportunity if the Head and Shoulder pattern will be invalidated and if the rate will make a valid breakout above the 150% Fibonacci line. The price should rally from above the 150% Fibonacci line targeting the 0.03234574 static resistance.

Conclusion

We’ll have a great selling opportunity if the Head and Shoulders is confirmed and as long as it stays far away from the 150% Fibonacci line. However, a valid breakout above the 150% Fibonacci line will send the rate at least up to its former highs.