Monero (XMRBTC) is looking strong right now... Let's have a look at the chart.
First, we are looking at the weekly timeframe.
We have the full chart for Monero vs Bitcoin on Binance and the signals here are really strong due to the timeframe.
Any altcoin trading pair moving above EMA10 and EMA50 daily is considered a strong bullish signal, when this happens weekly (W), we can say the bulls are in full control.
Additional growth can easily happen here for Monero.
The MACD is basically flat/consolidation above zero (bullish zone).
The RSI is very, very strong sitting at 61+. We would consider the RSI to be strong/bullish on the weekly timeframe just above 40... So 60+ is very strong.
Prices are trading above the 0.236 Fib. extension level... This level can work as support and is marked by a red rectangle and a blue dashed line.
- Above this level, we stay strongly bullish while aiming for the next target. - If XMRBTC moves below it, we can expect some retrace before the next bullish jump.
In general, Monero is looking pretty good and is getting ready to grow.