Another Monero Structural Bull Wave?
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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?Nota
Oh yeah?Nota
Still have selling signals, especially on the daily.Nota
Watch the trendline in the left chart and the right shoulder in the right chart.Nota
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.Nota
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 chiuso: obiettivo raggiunto
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 attivo
NICE!Nota
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 chiuso: stop raggiunto
at entry. Let's see what happens next...Nota
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Flag?! Watch out for bearish divergence on the 1HR.Trade attivo
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kissed the channelNota
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XMR stagged a nice rally. But I think our MIN TP is out of reach for now. Thread closed.
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