We have another bullish altcoin! Are we about to see an infamous Monero structural bull wave? Then we need a game plan, as gains or losses between support zones are in the area of 10 to 20%!
As of writing, XMR is in consolidation and could breakout above $120, followed by $140. A break of the all-time high of $155 is a BIG buy signal for a MIN TP of $212 and a MAX TP of $305!
Alternatively, there is a risk of a selloff below the major fibo support to the key fibo support zone with a base price of $85. From there, if trend lines and supports get broken, we could see price as low as $52.
My strategy also involves analyzing the XMRBTC chart, which supports long trades. We don't need a new all-time high, necessarily, against BTC to reach new levels in the XMRUSD chart.
As always, I'll keep this thread updated.
Cheers and GLWT!
-Erik
As of writing, XMR is in consolidation and could breakout above $120, followed by $140. A break of the all-time high of $155 is a BIG buy signal for a MIN TP of $212 and a MAX TP of $305!
Alternatively, there is a risk of a selloff below the major fibo support to the key fibo support zone with a base price of $85. From there, if trend lines and supports get broken, we could see price as low as $52.
My strategy also involves analyzing the XMRBTC chart, which supports long trades. We don't need a new all-time high, necessarily, against BTC to reach new levels in the XMRUSD chart.
As always, I'll keep this thread updated.
Cheers and GLWT!
-Erik
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Hit $137 nice! Consolidation time?Note
Oh yeah?Note
Still have selling signals, especially on the daily.Note
Watch the trendline in the left chart and the right shoulder in the right chart.Note
In the left chart we are kissing the edge of the fibo resistance zone. Above it we will explode higher. In the right chart, we have yet to breakout of the inverse H&S or breach the uptrend line down... so its a coin toss.Note
We are trading at the ATH. Looks like a kind of flag pattern has formed. A break and close to the upside will be explosive. It could break down, too, if we hang around too long.Trade closed: target reached
Ok...so we hit the $155 profit taking level and the upper bullish channel line, so we might need to consolidate for a while. We'll buy the breakout, but for now I'm closing the trade with 50% profit.PS*** Watch out for a strong BTC selloff, as the entire sector might selloff as well.
Trade active
NICE!Note
We are retesting the breakout, which is a make it or break it level (good for buying with a stop below the impulse). Notice the lower high in the right chart. Its possible we could fall apart with a BTC selloff.Trade closed: stop reached
at entry. Let's see what happens next...Note
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Flag?! Watch out for bearish divergence on the 1HR.Trade active
Note
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kissed the channelNote
Note
XMR stagged a nice rally. But I think our MIN TP is out of reach for now. Thread closed.
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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.