Today I was analyzing XMR/BTC daily and weekly charts on Bittrex and have to say, they looks GOOD! Weekly chart for a couple of months have been showing bearish signs so there was no place for a long term profit. But for short-term day traders price volatility was high enough to look for an easy money. Since Monero price in a single day could move 30%-40%.
On a daily chart we can see that price was mostly staying in the box, ranging from 0.0165 BTC to 0.0201 BTC. My initial prediction was that we are going to move in this channel, until we reach the red bold support line. Than we would enter bull market and the price would actually break out. But as we can see that in last three days the price broke below this channel. So I expect the break-out to happen sooner - within two or three weeks time. And weekly chart is supporting the same trend line.
As I stated before, I don't think we already hit the low. The price should be touching the red line when it is 0.0150 BTC or below. And if we see a bounce right on the line, than it will be a buy signal for me. If you are looking for an altcoin to invest in, than you should definitely do some research on the fundamentals of Monero. And make a decision on your own, if it is the right place and time to invest your money. Personally I am a believer of Monero and I consider it to be one of the few coins that will hold the value in the future.
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