While everyone was focused on the BTC crash / BCH moon last night, most coins took major dumps. However, there were a couple major coins that held their own and actually increased in terms of BTC. MONERO was one of them. Looking more closely, we can see that xmr has quietly passed the resistance set earlier in the month by its head-fake breakout. If the move continues, the next resistance could be met at about 0.026 where a 38.2% fib retracement and possible channel top converge. Onward through this, and the next stop would be just below 0.03. Daily MACD is positive with room to run, and keep an eye on a possible breakout of the pennant in the RSI.
I am planning to slowly accumulate on any dips from here on out.
I am planning to slowly accumulate on any dips from here on out.
Trade active:
approaching first possible resistance...
Trade active:
it appears we are through on decent volume... onwards to 0.029-0.030
Trade active:
after a small pull pennant it appears that monero is ready to continue
breakout on daily RSI could be very significant
breakout on daily RSI could be very significant
Trade active
Trade active
Trade active:
still following the channel! breakout on daily RSI, although it is close to overbought. MACD turning upwards. shorter term showing hidden bullish divergence indicating trend continuation.
Comment:
looking at the USD price, we can see some more reasons for this move