koryu

XMR sideline, wait for bottom on 3d and w

POLONIEX:XMRBTC   Monero / Bitcoin
1288 3 16
To find the bottom for xmr its best to switch back to higher timeframes. 3day has been working best for me but weekly is also fine.

As correction of the impulse wave there is a possible parallel channel down (from 3day chart).
1.618 Level was the first support which was broken and ended in another sell-off.
Current support was found at the old all time high bottom here is not confirmed.
On channel breakout out up expect major resistance at 0.0156

Horizontal support is likely to be found at the fib levels from old all time high to all time low. Most important horizontal levels are 0.01 and 0.00438. Also watching the green trendlines from old trends.

Being patient with new long entry til bottom is confirmed or heavy oversold on high timeframes.




Comment: I dont trust this little pump yet I dont see a great risk reward for longs here but watching closely
Comment: xmr looks really interesting again, watching closely
Comment: Those who longed the breakout made a really good trade. Unfortunately i missed that trade.
I am not really sure how this plays out, but it looks like there could be a little correction over the next days which could allow another long entry.

snapshot
Trade active: consolidation above 0.01 is bullish, enter long
Comment: out while btc pumping
Trade active: see
xmr long breakout
Comment: after taking profit in the 0.014-15
its now time to look back on the weekly chart because this seems to break down and target lower support near 0.004. this is invalidated on breakout of the teal trendline. good to be on sideline here again.
snapshot
Comment: too lazy to make a new idea yet, also the fib levels from the alltime chart are still working :) took back a small position in xmr.
keeping an eye on the ma50 on the daily chart

snapshot
I think this little pump is only a correction... Reading the market depht is possible to see 0.007 in few weeks. With the Bitcoin high XRM will back to the main downtrend i think...
Reply
Great! Now we can expect 0.0045~50?
Reply
koryu PRO Edgar.C.Aboboreira
I expect some support at 0.0056-0.0060 from the old trendline, if it doesnt i see next supports at 0.0044 and 0.0030.
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