Monero looks bearish, but fundamentals say otherwise

BITFINEX:XMRBTC   Monero / Bitcoin
Previous trend easily breached, new trend showing a double top (indicated by arrows) which is a harmonic reversal pattern and could be an indication for bearish price action. MACD saw negative divergence on the double top as well, indicating the trend is losing strength. But the trend just broke out and it is also rational to suggest it is unlikely a correction will be seen immediately. This can also be considered because the cryptocurrency market while still being in its development phase is highly co-related. Bitcoin finally stabilizing above $11000, Ripple and Lumens had major breakouts and got out of a very stagnant rut. The general direction of the market is up, so while technicals suggest the possibility of a bearish reversal, in this hyper-volatile market, being alert is an absolute necessity as price action can swing either way.


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