XMRBTC Triple Bottom| Down Trend Broken| Support Confluence
Evening Traders,
Today’s Analysis will focus on XMRBTC which has broken a long term down trend, currently trading in a zone between support and resistance.
Points to consider,
- Daily trend change ( Triple bottom)
- Local support confluences
- Structural resistance respected
- RSI testing support
- Stochastics in upper regions
- Declining volume nodes
XMR has put in a probable triple bottom after breaking a strong lower high structure; the bottoming formation will ONLY be confirmed with consecutive higher lows above structural resistance.
The structural resistance has been respected multiple times; XMR is likely to trade within the range between support and resistance. Local support has viable confluences indicating a true trade location. The .386 Fibonacci needs to hold true to establish a higher low on the daily. Local support and the 21 EMA being in confluence put a strong emphasis on the level being a strong support zone.
The RSI is testing support, currently quite neutral whilst the stochastics trades in the upper regions. It can stay trading here for a while, however does have stored momentum to the downside.
The volume nodes are below average; this again indicates that XMR is likely to trade within the support and resistance region before an impulsive move.
Overall, in my opinion, XMR needs to break structural resistance in order to establish consecutive higher lows. This will confirm the daily trend change and the bottoming formation. Currently is may stay trading within this range for a while as volume continues to decline.
What are your thoughts?
Please leave a like and comment,
And remember,
“The desire for constant action irrespective of underlying conditions is responsible for many losses in Wall Street even among the professionals, who feel that they must take home some money every day, as though they were working for regular wages.” – Jesse Livermore
Today’s Analysis will focus on XMRBTC which has broken a long term down trend, currently trading in a zone between support and resistance.
Points to consider,
- Daily trend change ( Triple bottom)
- Local support confluences
- Structural resistance respected
- RSI testing support
- Stochastics in upper regions
- Declining volume nodes
XMR has put in a probable triple bottom after breaking a strong lower high structure; the bottoming formation will ONLY be confirmed with consecutive higher lows above structural resistance.
The structural resistance has been respected multiple times; XMR is likely to trade within the range between support and resistance. Local support has viable confluences indicating a true trade location. The .386 Fibonacci needs to hold true to establish a higher low on the daily. Local support and the 21 EMA being in confluence put a strong emphasis on the level being a strong support zone.
The RSI is testing support, currently quite neutral whilst the stochastics trades in the upper regions. It can stay trading here for a while, however does have stored momentum to the downside.
The volume nodes are below average; this again indicates that XMR is likely to trade within the support and resistance region before an impulsive move.
Overall, in my opinion, XMR needs to break structural resistance in order to establish consecutive higher lows. This will confirm the daily trend change and the bottoming formation. Currently is may stay trading within this range for a while as volume continues to decline.
What are your thoughts?
Please leave a like and comment,
And remember,
“The desire for constant action irrespective of underlying conditions is responsible for many losses in Wall Street even among the professionals, who feel that they must take home some money every day, as though they were working for regular wages.” – Jesse Livermore