Monero vs Bitcoin (XMR/BTC) Technical Outlook 21 February 2017
Monero and altcoin took a beating yesterday as Bitcoin bull returns. Monero price dipped as much as -8.9% yesterday on HitBTC and -9.9% on Poloniex. Poloniex and HitBTC are two biggest Monero exchanges, both combined controls over 90% of the total daily volume of XMR/BTC market.
The XMR and other altcoin assets are expected to endure more selling and dwindling volume amid new round of Bitcoin rally. Read on some brief latest market data on XMR/BTC, XMR/XBT Futures and XMR/CNY below.
Monero (XMR/BTC) Weekly Chart. Data Source:HitBTC
Monero price peg with US Dollar (XMR/BTC) is still in sagging trend and poised to suffer the biggest week lose for the year. In the short term, XMR/BTC price could move inside the smaller band that nested between 0.618 and 0.786 Fibonacci Retracement zone. The weekly candlesticks patterns remain bearish.
Important Monero/Bitcoin (XMR/BTC) price levels to watch,
Year High – 0.016963 (06 January 2017)
Multi-year high – 0.0235 (05 September 2016)
Year Low – 0.010857 (20 February 2017)
(data source:Hit BTC)
Monero (XMR/BTC) Daily Chart. Data Source:HitBTC
XMR opened gap below from yesterday price and hit the low of 0.011069 and now languishing at 0.010913 at the time of writing. Previous year low level of 0.012026 now act as the first moderate resistance level. The price crossed below 200-day Moving Average for the first time since June 2016 on the early session.
The breach of short term support zone of 0.009340 will expose XMR to lower ranging channel from the November levels. It would require a significant change of mood to revise the current hesitant market condition.
Some Critical Price Levels for the Short Term
Pivotal Resistance Levels
R1 – 0.012026
R2 – 0.012950
R3 – 0.014360
Medium term resistance – 0.016963 (Year High – 06 January 2017)
Long term resistance – 0.023520 (Multi-year High Last Traded on September 06 2016)
Pivotal Support Levels
S1 – 0.010857
S2 – 0.010029
S3 – 0.009340
data source:Hit BTC
The overall altcoin market is despairing for the immediate term. But a bargain hunting could join in the dynamics sparingly. The downward trend is presenting a good short position. Hence, try to observe at any upswing to pivot resistance zone. However i am fomo for the long run if the price keep on falling.
But you never can be too confident in the cryptocurrency, some dummy pumping and dumping activities can ruined your trades especially you are looking at short term punt.
XMR/XBT Futures (XMR7D) on BitMEX
XMR/XBT Futures (XMR7D) orderbook and trade history on BitMex.
XMR/XBT Futures traded at 0.011000, erased approximately -2.93% on BitMex market. The volume is thinner with total 76,597 contracts for the 24 hours. The open contact amounted to 292.6997 XBT making the largest contracts beside Bitcoin-swapped futures.
On BitMex, the XMR derivative is in the form of a Futures Contract and allows traders to speculate on the future value of the Monero / Bitcoin (XMR/XBT) exchange rate. Traders need not have Monero to trade the futures contract as it only requires Bitcoin as margin.
Trade Monero on BitMex Futures
Monero/Chinese Renminbi (XMR/CNY)
Monero/Chinese Renminbi (XMR/CNY) Daily Chart. Data source:Bter
Monero/Chinese Renminbi (XMR/CNY) trading ¥84.9 at Bter with total volume for the last 24 hours stood at XMR 175.95 or ¥15,550.29.
Monero/Chinese Renminbi (XMR/CNY) Orderbooks and Wall. Data source:Bter
BTC Exchanges With Monero XMR Trading
✘ BitMex – Trade XMR derivative plus popular cryptocoin Futures Contract.
✘ Hit BTC – Monero XMR trading and many more major cryptocurrency options.
✘ Bter – Trade XMR paired with BTC, CNY and ETH.
✘ Livecoin – Trade XMR paired with BTC and USD. Plus Many more altcoins.
✘ Poloniex – trading option of altcoin assets.
Monero #XMR Links
⇢ Monero Official Site
⇢ Chain Radar
⇢ Block Explorer
⇢ Monero on Bitcointalk Forum
⇢ Monero GitHub
⇢ Twitter @monerocurrency
⇢ Reddit r/monero
Please let us know what your thoughts on this latest cryptocurrency sensation and update us if you have any insights in the comment section below.
Chart via tradingview, data source from HitBTC, Livecoin and BitMEX.
The author is a self-described cryptocurrency activist. Ironically, he is not involved directly on the development and mining. But a keen trader that specifically studying and analyzing the chart and prices based on zen principles of candlesticks price action techniques. And most importantly, he is always prone to deceiving price movements that can exposes to trading losses. So trading based on his personal opinions is extremely risky and not advisable.