XMRBTC: Potentially bullish but with strong obstacles ahead
This is an update to my XMR downtrend chart.
The bearish daily downtrend has expired, and we see that there is a low in place, matching an area of low volume profile support (refer to Tim West's charts to learn more about this time at mode technique).
The other bullish signals are a daily time at mode uptrend signal that lasts until May 26, but which has already reached the first target, instantly retracing.
The bullish momentum seems to be strong and might continue despite this setback, as evidenced by RgMov starting to point up, while MACD shows a bullish crossover with histogram divergence, and price reaching support at a previous fibonacci retracement of a strong weekly bar, which matches other fibonacci retracements in a cluster. A clear area of interest for buyers and sellers.
You can buy now and aim for new highs until May 26. I'll update as we go.
A retest of the mode at 0.003004 is a good start for a first target IF we cross the grey low volume resistance level.
Good luck,
Ivan.
The bearish daily downtrend has expired, and we see that there is a low in place, matching an area of low volume profile support (refer to Tim West's charts to learn more about this time at mode technique).
The other bullish signals are a daily time at mode uptrend signal that lasts until May 26, but which has already reached the first target, instantly retracing.
The bullish momentum seems to be strong and might continue despite this setback, as evidenced by RgMov starting to point up, while MACD shows a bullish crossover with histogram divergence, and price reaching support at a previous fibonacci retracement of a strong weekly bar, which matches other fibonacci retracements in a cluster. A clear area of interest for buyers and sellers.
You can buy now and aim for new highs until May 26. I'll update as we go.
A retest of the mode at 0.003004 is a good start for a first target IF we cross the grey low volume resistance level.
Good luck,
Ivan.
