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jbourgault
Jan 7, 2017 4:46 PM

XMRBTC Long (but wait for retracement first) Long

Monero / BitcoinPoloniex

Description

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)

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.
Comments
Cryptonerd2015
I agree!
It's a great chart, don't miss the train guys

UnknownUnicorn505973
0.01288740 BTC now, seems like a good time to enter? :)
bunzmc
@BULLBTC, IT was a godo time to top up, monero was on sale for discount prices!
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