ForecastCity
Long

There is a possibility for the beginning of an uptrend in XMRBTC

POLONIEX:XMRBTC   Monero / Bitcoin
Midterm forecast:
While the price is above the support 0.01185, beginning of uptrend is expected.
We make sure when the resistance at 0.01395 breaks.
If the support at 0.01185 is broken, the short-term forecast -beginning of uptrend- will be invalid.

Technical analysis:
While the RSI uptrend #1 is not broken, bullish wave in price would continue.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
Relative strength index ( RSI ) is 48.

Trading suggestion:
. There is a possibility of temporary retracement to suggested support zone (0.01255000 to 0.01185000). if so, traders can set orders based on Price Action and expect to reach short-term targets.

Beginning of entry zone (0.01255000)
Ending of entry zone (0.01185000)

Entry signal:
Signal to enter the market occurs when the price comes to "Buy zone" then forms one of the reversal patterns, whether "Bullish Engulfing", "Hammer" or "Valley" in other words,
NO entry signal when the price comes to the zone BUT after any of the reversal patterns is formed in the zone.
To learn more about "Entry signal" and the special version of our "Price Action" strategy FOLLOW our lessons:

Take Profits:
TP1= @ 0.01395
TP2= @ 0.01580
TP3= @ 0.01710
TP4= @ 0.01900
TP5= @ 0.02040
TP6= @ 0.02300
TP7= @ 0.02565
TP8= @ 0.03420
TP9= Free
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I was wondering if the if 0.01255000 strongly supports the price, is it even possible that the price enter the buy zone?
Reply
fxniki fxniki
@fxniki, I mean shouldn't we enter as soon as a valley formed?
Reply
@fxniki, Yes, that's correct.
Reply
@fxniki, We make sure when the resistance at 0.01395 breaks
Reply
fxniki ForecastCity
@ForecastCity, Also there is a red downtrend line. that will break if the price rises.
Reply
Thanks for the good TA.
Reply
@fxniki, Your're welcome.
Reply
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