BTC Bull? XMR/BTC Monero Head and Shoulders .... Drop Imminent?
BTC showed it's resilience and strength today, busting through the coveted $10k resistance in a matter of hours.
As a result, many btc alt pairings have began breaking down.
Here we see Monero's 3 day chart.
There is a visible head and shoulders pattern that appears to be on the verge of completion and a breakdown. A lot of this will hinge on what BTC decides to do from here. BTC holds 10k? Odds favor continued XMR/BTC drop. BTC pulls back hard? XMR could push and invalidate.
However, it's now lost all major EMA supports and is entering no-man's land of potential all-time lows.
RSI very much in bearish territory.
Bearish cross on the stoch RSI with momentum sloping downwards.
Potential target shown in green.
This is not financial advice.
As a result, many btc alt pairings have began breaking down.
Here we see Monero's 3 day chart.
There is a visible head and shoulders pattern that appears to be on the verge of completion and a breakdown. A lot of this will hinge on what BTC decides to do from here. BTC holds 10k? Odds favor continued XMR/BTC drop. BTC pulls back hard? XMR could push and invalidate.
However, it's now lost all major EMA supports and is entering no-man's land of potential all-time lows.
RSI very much in bearish territory.
Bearish cross on the stoch RSI with momentum sloping downwards.
Potential target shown in green.
This is not financial advice.
Comment:
BTC with a hard pull back. Based on 8 consecutive green hourly candles, it's best to not make a short entry, as alts are surging.