Likely Short Term Pain and Suffering/Long-Term Questionable
Updated
XMR:BTC tried to push through longstanding resistance (~750k sats, 26 Aug 2019) recently, which it has only pumped above once (18 to 19 Sep 2019) since on the daily, not counting wicks, or 6 to 7 Jan. The push was rejected. MACD looks like it wants to cross over and take a dip. May get to 740k sats again before dumping as low as 650k sats again. At ~722k sats atm. Still, this is close to the historical and recent low for XMR, and the next few months may be interesting for BTC, and not in a good way. I expect a short-term break below the orange trend line. If you can short XMR, a setup around 740k with targets around 680k and 625k sats might do well. Anything under 600k sats is further price exploration.
Note
Lines were originally drawn on the 4H chart before zooming out to the 1D.Note
Maybe a better line-drawing strategy, but not enough data points for my liking. Just a little second-guessing.
Note
Broke through the bottom trend line. 700k sats next...Trade closed: target reached
I'm going to call this one done. Didn't play out for as long as I expected it to, but it did come very close to my first target (738.5 k vs. 740k on the high side, 680.6k vs. 680k sats on the low side). The start of The Flippening may have disturbed markets throughout the cryptosphere.
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