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Short

XMR forming double top on short term range

BINANCE:XMRBTC   Monero / Bitcoin
Dear trading friends,

Monero chart have formed a double top pattern on the 1H candle chart :
* High volume entry 02th March
* Double top at 32898
* Pullback at 30317

While the coin has been quite bullish since March 01th, the bullish trendline was broken (at least briefly).

I see a shorting opportunity here in case the double top pattern completes.
With an entry zone at 30355, the target would be 27772, stop loss at 30730.

Please feel free to comment and let me know if you share this or any other idea :)
Comment: I'd like to add that I remain largely bullish for Monero on long term trading, this is just a possible short-term trading opportunity that should be used with caution as against the overall trend.
Comment: Pattern has changed, double top is not valid anymore as we are about to reach for the third time the all time low.
With that and the new airdrop coming in two weeks:
I suggest reinforcering position with a tight stop loss. We might see another bull run.

Comments

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