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

Monero vs Bitcoin (XMR/BTC) pair traded in drastic -4% down from yesterday. XMR last trade on 0.01350432 near 0.382 Fibonacci level from the year low. The trading volume picked up considerable and today is still the second highest volume in Poloneix market with 263,000XMR. The Hit BTC exchange also continued saw significant volume bump on Monero traded with a healthy volume of 90,000XMR. The BTC market still remain the most traded pair which commanding close to 90% of the XMR market despite marginal increased of XMR vs USD trades.

Important XMR/BTC price levels to watch,

Year High – 0.0169000 (06 January 2017)
Year Low – 0.01171753 (09 February 5 2017)

(data source:Poloniex)

Monero vs Bitcoin (XMR/BTC) 15-min Chart. Data Source:Poloniex<
Monero (XMR/BTC) 15-Minutes Chart. Data Source:Poloniex

XMR is traded lower tangling at the bottom around 0.01294050. A potential mini tally could form another smaller-scaled cup and handler pattern around 0.01338500 price zone. Overall the market sentiment still in favour altcoins with exceptional anonymity features such as Monero and DASH. THe XMR price still above 200-day long term Moving Average in defiance of the today’s aggressive sold-off.

Some Critical Price Levels for the Immediate Term

Pivotal Resistance Levels

R1 – 0.01305730
R2 – 0.01329990
R3 – 0.01360760
Medium term resistance – 0.0169000 (Year High – 06 January 2017)
Long term resistance – 0.023520 (Multi-year High Last Traded on September 06 2016)

Pivotal Support Levels

S1 – 0.01276680
S2 – 0.01259640
S3 – 0.01238115
Medium term resistance – 0.01171753 (Year Low – 09 February 5 2017)
Long term resistance – 0.0081770 (multi bottoms support point)

Trade Idea

I am generally bullish based on technical chart on 4-hours timeframe. But the trending channel must rake up and crosses the resistance level of 0.01329990 to keep the upswing channel intact.

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.

:: More BTC Exchanges

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, Poloniex 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.

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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