Monero (XMRUSD) has been consolidating within the 1W MA50 (blue trend-line) and the 1W MA200 (orange trend-line) for the past 2 months. This is at the top of the Accumulation Phase that has been containing the price action since the June 2022 Bear Cycle bottom.
Structurally, it appears that we could be in a similar consolidation as August - September 2020. That was the consolidation the led to the Cycle's Parabolic Rally once the 1W MA200 broke.
As a result, we expect the next 1W candle close above the 1W MA200 to be the bullish break-out signal that might start the new Parabolic Rally. Our long-term Target is 522.00 (the All Time High), even though technically the price might extend a bit higher on the 3.0 Fibonacci extension.
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Structurally, it appears that we could be in a similar consolidation as August - September 2020. That was the consolidation the led to the Cycle's Parabolic Rally once the 1W MA200 broke.
As a result, we expect the next 1W candle close above the 1W MA200 to be the bullish break-out signal that might start the new Parabolic Rally. Our long-term Target is 522.00 (the All Time High), even though technically the price might extend a bit higher on the 3.0 Fibonacci extension.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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👑Best Signals (Forex/Crypto+70% accuracy) & Account Management (+20% profit/month on 10k accounts)
💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.