Traders,
As we can see, XMR and BTC continue to trade with a high degree of correlation along with the rest of the crypto market. All that differs is the percentage of change. Monero is more volatile, so expect higher percentages of drops and rises as we see this play out.
There is a short-term downtrend as drawn by the channel lines, with some support at the 82.3 level. We are seeing the long-term and short-term lines collide here, which may mean that we see a bounce at the lower channel lines. If that long-term trend is broken, we could see the price fall much further.
We are looking to buy at the $82 price level with a stop loss at $75 in case things go south.
As we can see, XMR and BTC continue to trade with a high degree of correlation along with the rest of the crypto market. All that differs is the percentage of change. Monero is more volatile, so expect higher percentages of drops and rises as we see this play out.
There is a short-term downtrend as drawn by the channel lines, with some support at the 82.3 level. We are seeing the long-term and short-term lines collide here, which may mean that we see a bounce at the lower channel lines. If that long-term trend is broken, we could see the price fall much further.
We are looking to buy at the $82 price level with a stop loss at $75 in case things go south.
