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Please do your own due diligence before making any investment decision. This article should not serve as investment advice. This post is mainly as reference and tutorial for trading on possible cryptocurrency breakout.

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Monero vs Bitcoin (XMR/BTC) Struggles Inside Tight Upward Pennant

Monero vs Bitcoin (XMR/BTC) Technical Outlook 02 February 2017

Monero vs Bitcoin (XMR/BTC) Daily Chart. Data Source:HitBTC<
Monero vs Bitcoin (XMR/BTC) Daily Chart. Data Source:HitBTC

Monero (XMR/BTC) traded at ฿0.0135110, a gain of 1% over last 24 hours trading on HitBTC. Total volume was softer around 69,723.37XMR. The trend is still under heavy selling which persisted since early of the year. It was en route for recovery after hit the lowest price of 0.012026, but the mellow rally was cutoff two days ago amid Bitcoin renewed bullish trend. Despite the selling momentum, XMR/BTC prices are remained within the ascending pennant channel. The prospect of bounce will depend crucial level of 0.013 support line. Failure to bounce from this band will expose Monero for further loses. Check out important resistance and support XMR/BTC price levels below.

Some Critical Price Levels for the Immediate Term

Pivotal Resistance Levels

0.014752 (0.5 Fibonacci Retracement)
0.016963 (0.618 Fibonacci Retracement, Year High Last Traded on January 06 2017)
0.019750 (0.786 Fibonacci Retracement)
0.023520 (Multi-year High Last Traded on September 06 2016)

Pivotal Support Levels

0.012026 (0.382 Fibonacci Retracement, Year Low Last Traded on January 15 2017)
0.010061 (0.236 Fibonacci Retracement)
0.008177 (multi bottoms support point)

Monero (XMR/BTC) – Daily Market Sentiments From HitBTC, Bitmex and Livecoin

Monero (XMR/BTC) Daily Market Orderbook and Trade history.
Monero (XMR/BTC) Daily Market Orderbook and Trade history. Data source : HitBTC.

Monero (XMR/BTC) Daily Market Depth, data source : HitBTC
Monero (XMR/BTC) Daily Market Depth. Data source : HitBTC.

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Monero (XMR/BTC) Daily Market Orderbook and Trade history. Data source : BitMex.

Monero (XMR/BTC) Daily Market Depth. Data source : Livecoin.
Monero (XMR/BTC) Daily Market Depth. Data source : Livecoin.

Apart from Bitcoin, Monero and other altcoins are weighted on the Litecoin(LTC) Segwit plan. Litecoin(LTC) is scheduled to carry out plan on Segwit network “softfork” for the next few days. Any flub on the implementation of the softfork on Litecoin could inject auxiliary unpredictable outlook to the crytocoins sphere. In another note, Monero could face another major shakeup as the US authority singled out Monero platform might be used in illicit activities. The better anonymity feature of Monero compared to Bitcoin has attracted thriving adoption including the darknet circle. But any future government plan to crack down and regulation would tap Monero gag.

http://www.coindesk.com/fbi-concerned-about-criminal-use-of-private-cryptocurrency-monero/

 

XMR/XBT Futures (XMR7D) on BitMEX

XMR/XBT Futures (XMR7D) orderbook and trade history
XMR/XBT Futures (XMR7D) orderbook and trade history on BitMex.

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

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.
Livecoin – Trade XMR paired with BTC and USD. Plus Many more altcoins.
Poloniex – trading option of altcoin assets.

Cryptocurrency calculator

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.