XMR/USD
XMR is another pair with USD facing a falling wedge form. XMR recently hit the bottom of the wedge and bounced with a strong green wick in a bullish direction. This was also the touch of the top of a strong support zone. I expect the bounce to continue here to rock outside the wedge and hit T1 at $51. The stoch has already crossed bullish and RSI has bounce off oversold. Right now, everything is pointing upward and I expect the rise to continue. Look for a touch of the 50 MA at T2 at $55, then on to the final target above the 100 MA at 60. Expect a top close to here as we reach the previous bounce high, recommended to take profit following the according profit lines.
Possible Entries: $47.00-47.40
XMR is another pair with USD facing a falling wedge form. XMR recently hit the bottom of the wedge and bounced with a strong green wick in a bullish direction. This was also the touch of the top of a strong support zone. I expect the bounce to continue here to rock outside the wedge and hit T1 at $51. The stoch has already crossed bullish and RSI has bounce off oversold. Right now, everything is pointing upward and I expect the rise to continue. Look for a touch of the 50 MA at T2 at $55, then on to the final target above the 100 MA at 60. Expect a top close to here as we reach the previous bounce high, recommended to take profit following the according profit lines.
Possible Entries: $47.00-47.40
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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.