MONERO (XMR) - QUARANTINE/COVID-19 THE 9/11 of the 2020sGovernments famously enacted privacy destroying legislation in response to 9/11 (e.g., Patriot's Act).
We are already seeing a similar response by governments to Covid-19. For example, some countries are now tracking their citizens through their mobiles without having to obtain permission from any courts - all in the name of fighting coronavirus!
With the rise of facial recognition and new surveillance technology, the coronavirus outbreak is the perfect excuse to ramp up the use of these privacy destroying technologies.
Bitcoin, while the most popular and valuable cryptocurrency, is not fungible. Measures enacted by governments with respect to tracking their citizens using various methods (facial recognition, mobile GPS, and so on) could wake people up in that a private, fungibile currency is much more desirable in these testing times. If the situation escalates and government goes full-retard authoritarian, Monero will be an essential tool for a resistance movement.
Three possible paths are indicated on the chart for XMR-BTC. I expect XMR to outperform BTC as our privacy is eroded even further.
Stay safe out there, be mindful of the hidden agendas of the media/government and plan for the worst.
XMRBTC trade ideas
XMR/BTC TA Update (retest swing low?)XMR/BTC
XMR is almost back to the mean or previous support where we had a strong rally up to 9000 sats area.
XMR is currently formulating a potential bullish reversal pattern as the price approaches near the strong level of buy zone.
The market is still uncertain about the future so if any bad news will appear online,
XMR could still drop another 10% to resting swing low at 6000 sats area.
I'm still not interested to enter the market as of now, but I'm already looking at low-risk high reward altcoins today.
XMR ANALYSIS: BEARS IN CONTROLXMRBTC ANALYSIS:
XMR has broken below the major moving averages and faces a small triangle. Typical triangles, such as the ones in this chart, can easily swing either way. Therefore, its best to wait for further confirmation. In this case, there is new resistance band at 200MA in the red box near 7100 sats. Its possible to see a quick wick up the resistance, where it is then rejected back down to support. Look to stagger short bids up to short term resistance block. The key profit points are T1 at 6860 sats, T2 at 6660 sats, and T3 at 6420 sats. There shows a heavy line of support and buyers near the support and I expect this to hold well. Signal is invalidated if XMR pumps above short term resistance.
Possible Short Entries: 6950-7150 sats
$XMR : Looking for area$XMR is on a 27 % pullback and coming on our first area of interest with support + 0.786 Fib
However on macro, Daily MA 200 is breaking down. FOr the moment, $XMR is on our watchlist to see how the coin react.
Not Financial Advice
$XMR, Retesting ~746k sats support level on the way down$XMR
Retesting ~746k sats support level on the way down from ~0.01 sats in a potential Falling Wedge formation...
Will keep tracking this asset to see when it breaks up the descending trendline..
If fails to hodl here, then next target at ~686k (7%) (Death Cross on 1D)
#XMR
XMRBTC Daily tradeXMR pulled back to the 61.8, strong support zone.
Early exits once in profit if signs of major reversal.Eg Morning star pattern on previous high.
XMR BTC #XMRBTC (Short Term)
Buy: 0.00762600 - 0.00724470
Target 1: 0.00785478
Target 2: 0.00815982
Target 3: 0.00876990
Target 4: 0.00991380
Target 5: 0.01143900
Stoploss: 0.00706358
Invest: 3%
Risk/Reward: 5% / 54%
MONERO retrace to the 200 SMA before next leg up.I think XMR takes a trip down to test the 200 at around 7300 sats which also has strong support. Still bullish on this but think we go lower for now.
XMR - Monero Breaking Out of Falling WedgeMonero looks like a good buy here. The price action is bouncing off support, and it has broken out of its falling wedge to the upside. With good bullish divergence on the 4H time frame, I like this buy.
XMR/BTC - hours before blast off ?XMR/BTC formed falling wedge + we are at very strong support + I track 5th wave up == perfect long setup. You can probably start longing right now, but I will be more careful and I will go long, after we got this break of falling wedge. I have my stop-limit LONG order set at 7910 satoshi.
XMRBTC formed bullish BAT | A good long opportunityOn short term 3 hour chart the Monero (XMR) with Bitcoin pair has formed a bullish BAT pattern and just hit the spike in potential reversal zone but there are chances that the XMR will give another change to catch it from the potential reversal zone of this pattern so we can wait and buy.
The Formation Of Harmonic Pattern:
Let’s take a look in to pattern’s dimensions to see how perfect this pattern is formed by the Monero.
After completing the initial leg (X to A) the A to B leg is retraced between 0.382 to 0.50 Fibonacci and then B to C leg is projected between 0.382 to 0.886 of A to B Fibonacci projection area and last leg (C to D) is retraced between 0.786 to 0.886 Fibonacci and now the price action is moving in potential reversal zone of this bullish BAT and now we can expect bullish divergence at any time from this area.
Buying Method Using MACD And Stochastic For Secure Entry In Trade:
At this time on 3 hour chart the moving average convergence divergence (MACD) has turned weak bullish from strong bullish and Stochastic has given bear cross therefore we can wait for the price action to enter in buying zone again and then wait for MACD to turn strong bullish again and stochastic give bull cross then place our buying orders this way can be secure for buying.
The Targets:
The buying and sell targets according to harmonic BAT pattern should be:
Buy between: 0.008265 to 0.008198 sats
Sell between: 0.008428 to 0.008673 sats
Stop Loss:
The potential reversal zone of this pattern can be used as stop loss in case of complete price action closes below this level
$XMR, Sitting at ~8500 sats support level w/ UCTS Buy signals$XMR
Sitting at ~8500 sats support level w/ UCTS Buy signals across every HTF(1D+)
Golden cross (EMA50/200) about to happen..
Showing signs of hodling at LTF (accumulation at support) should allow for a retest of ~9400sats(~10%)
Tight SL just in case BTC decides to ruin it
#XMR