/biz/ - Business & Finance

>XMRBTC on 19JUL2019 @ 1700UTC
>Using the HITBTC chart because it has some of the highest volume recently, the BINANCE chart I feel is a little inaccurate.

I won't analyse the historical points, hopefully with the resources of the last two threads, the previous ups and downs are now a little clearer, and it's something you can take a crack at as practice. I'll focus solely on the short term because I guess that way someone could actually make a trade based on this quick analysis and confirm what I know to be true.

1. Preceeding the run up to try and attempt to hold the 4HOUR MEAN, price seemingly had stalled on ALL timeframes barring the DAILY, this is shown by the reluctance to CONVINCINGLY CLOSE below the LOWER 2.2 on the 4HOURLY and the 1HOURLY. The weekly of course showed a breach with candle close below it's own LOWER 2.2 benchmark, but the battle to keep it above that was taking place on the lower time frames as noted by the outlined white boxes which show price stalling FIRST on the 1HOUR time frame (the left most box, which brought the 4HOUR distribution closer away from the bearish sentiment) and the by the SECOND area which was visible on BOTH 1HOURLY and 4HOURLY time frames (the right most box, which clearly shows price convincingly staying above the LOWER 2.2 benchmarks, more so apparent on the 1HOURLY time frame where the resolution is clearer). This should have been the first red flags that price is uncertain about it's bearish sentiment.
Next I wanted to know why price closed the way it did at the top of #1, why didn't it reach the mean in one movement? The answer to this was the 1HOURLY time frame, sure price had attempted to reach the 4HOURLY mean, but it was held up by the lack of CONVINCING CLOSES ABOVE THE 1HOURLY UPPER 2.2, price spent about 12-15 candles attempting to keep the distribution moving UP but it failed once participants realised that the DAILY LOWER 2.2 was still very much in play.