As we can see, Monero has been consolidating against BTC over the past several days. Momentum has nearly dropped to zero, and volatility is broken down to new lows, as measured by the ATR. When volatility consolidates to such extremes, this implies an explosive move is on the horizon.
We have what appears to be a bull flag pattern on 4 hour charts, though the momentum in the very long term is negative. We could see an explosive move either way, but judging by the way altcoins have been moving against BTC, we fear XMRBTC may break down to lower levels. The current price is finding support at a major level as of the time of this writing at 17096. If we break down from here, watch for levels from below to provide support at 16339, the upper anchor of our Fibonacci retracement levels. Further, we will see support at the Fibonacci retracement levels: 15649, 15107, and 14727. If XMRBTC manages to breakout to the upside we will first face resistance at a Fibonacci Extension level at 18331, followed by a strong level of support at 19292, then another Fibonacci extension level at 21555. Indeed, there do seem to be vacuum zones from above and below, so an explosive move in either direction has a lot of room to fill.
We have what appears to be a bull flag pattern on 4 hour charts, though the momentum in the very long term is negative. We could see an explosive move either way, but judging by the way altcoins have been moving against BTC, we fear XMRBTC may break down to lower levels. The current price is finding support at a major level as of the time of this writing at 17096. If we break down from here, watch for levels from below to provide support at 16339, the upper anchor of our Fibonacci retracement levels. Further, we will see support at the Fibonacci retracement levels: 15649, 15107, and 14727. If XMRBTC manages to breakout to the upside we will first face resistance at a Fibonacci Extension level at 18331, followed by a strong level of support at 19292, then another Fibonacci extension level at 21555. Indeed, there do seem to be vacuum zones from above and below, so an explosive move in either direction has a lot of room to fill.