XMR started to retrace losing about 5% compared to a week ago. Wrong forecast, therefore, even if it is not to be excluded that this coin breaks the previous maximum in the next few days, making what happened during the last week a trivial accident. After all, we have already seen altcoin of which we had forgotten to put in a respectable performance during the beginning of the week, with $ GAME and $ LBC that scored profits in excess of 100% within a few hours; this, of course, does not mean that all the market's altcoins will move in the same way, nor that the price of monero is the same fate, compared to the inactivity of the alt market in recent months, however, is nevertheless an encouraging sign.

BTC / XMR already over the bull party?

As often happens as we approach the end of the month, the 30D chart offers us less and less food for thought, so we go directly to the analysis of the weekly chart; here the ADX shows us that the bearish tension is slowly running out and we notice that for some time now monero has not scored a new low any more. Less space for optimism instead leave the bollinger bands and fractals, both of which show a maximum bearish tendency, despite the parabolic SAR having returned bullish for three weeks now, as well as the MACD as well; different from the discourse with the 1D graph, from we see that, by setting the ichimoku cloud, the price is back above the cloud and currently seems to have concluded the retracement by exploiting the upper edge of the cloud to attempt a rebound. It should however be considered that the signal is not confirmed by the delay line, so it is better not to be a kamikaze right now, even for the MACD it seems intent on returning bearish.

Weekly forecast

It is now becoming increasingly difficult to have a bullish bias on monero also because this currency is showing a weakness that few would have expected even a year ago; low volumes and a sentiment on social media that seems to prove that this currency is now out of the radar of a large part of investors do not improve things. It is difficult at this time to understand if the retracement is completed or if it will continue in the next few days, however a return on the quotations of last Thursday is currently the most likely scenario; if then there will be a break of the previous maximum and the delay line will finally be able to peep out of the cloud we could legitimately hope that XMR will return to attracting some liquidity. For now there is not much else to say, those who bought last week and remained dry will still be able to remain long, but not without giving a warning through a stop loss in the 0.007BTC area, so as to avoid accumulating excessive losses in should a particularly heavy dump start; all the others, on the other hand, would do better to wait for the previous maximum to break before considering opening a position on XMR.

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