XMRBTC Long (but wait for retracement first)
BTC has now reached the all time high at 1160 and started to pullback. That helped a lot ETH and XMR moving back up. However regarding XMR, I would be carefull not to buy the top and instead wait for a proper retracement to take place before back long. The good news is that there is a lot of well-defined support zone for us to trade.
The first long entry I would consider is the following
Entry: 12.7 (previous wave high + 0.618 fib retracement level + channel bottom)
Stop: 10.9 (below the 0.764 fib retracement level + below the channel bottom line)
Target: ATH (all time high)...you might want to close when price hit to top of the channel)
The first long entry I would consider is the following
Entry: 12.7 (previous wave high + 0.618 fib retracement level + channel bottom)
Stop: 10.9 (below the 0.764 fib retracement level + below the channel bottom line)
Target: ATH (all time high)...you might want to close when price hit to top of the channel)
Trade active:
ABC correction seems to be over. Now looks like a good time enter long (or add is you're already long).
In any case, a breakout of the current channel structure would makes me rethink this strategy.
In any case, a breakout of the current channel structure would makes me rethink this strategy.