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BTC Bull? XMR/BTC Monero Head and Shoulders .... Drop Imminent?
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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.
Nota
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.
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