The sentiment, around the alt market, is again on the upswing and the community is still returning to talk about the altseason; it is now the third or fourth time this year has happened and the expectations, until now, have always been disregarded. Is it finally the right time? Let's try to understand it together by taking a look at the graphs.

BTC / XMR the bulls celebrate, the bears retreat

After ringing together seven consecutive bearish candles monero finally returns to show a green candle on the 30D chart; for goodness sake, there are still more than two weeks before the current candle closes, however it is nevertheless an encouraging sign for those who have invested in this currency. Looking at the fractals, then, the feeling is that XMR could soon return to 0.01BTC, while the bollinger bands show us that if the prices were around the middle line monero would double its bitcoin value, which would not it would be bad even if the median acted as a resistance and rejected the bulls from where they started. In short, right now it is worth resuming following XMR closely because it seems intent on giving us satisfaction. Setting the ichimoku clouds on a 7D chart we immediately notice that the price has returned above the Tenkan-sen, so it cannot be ruled out that the bullish push continues until at least touching the Kijun-sen (around 0.0088BTC) which however, it could act as a resistance and create a retracement; as far as MACD and RSI are concerned, again on the 7D chart, both appear to be markedly bullish. A final look, finally, to the 1D chart, which shows us how the price has popped out of the cloud (it hadn't happened since last February) and that if the upward pressure continues for the next few days, the delay line would also emerge from the cloud, strengthening the buy signal and inevitably causing many traders to go long.

Weekly forecast

As far as has been said, it is inevitable to be bullish on monero right now, also because the convergence of bullish signals that we see on the different time frames is exactly what every good trader expects to be able to open a position and minimize the risk. It remains, as we now repeat every week, that at this moment anonymous cryptocurrencies are rather dangerous assets to handle, however those who love strong emotions cannot help but feel the call of monero. Only time will tell us if the bulls will still have the energy to push the price higher than this, for now we can only send you back to the next Thursday.

Please note: this post is not intended to provide any financial advice regarding how to invest your money, but is for educational purposes only