XMRBTC (1H): Week Long Down Trend Breakout. Correction Over?
XMRBTC has been in a week long down trend as labeled on the chart as Wave Y. The two purple lines outline the downtrend channel. Notice how it reached the top of the downtrend line twice previously and was rejected.
We are currently on a potential breakout hourly candle. For the first time, we have passed above the top trend line and with an hourly candle close above the top trend line, we can confidently state that the down trend of the past 7 days has been reversed. I recommend going LONG now (being aggressive) or once an hourly candle closes above this trend line.
Once we can confidently state that the down trend of the past 7 days has been reversed; the bigger question is the bigger correction over and we're going to move to a new ATH or will this simply be part of a WXYXZ corrective pattern. We'll discuss those upward targets in the coming days along with price projections for potential reversals down.
We are currently on a potential breakout hourly candle. For the first time, we have passed above the top trend line and with an hourly candle close above the top trend line, we can confidently state that the down trend of the past 7 days has been reversed. I recommend going LONG now (being aggressive) or once an hourly candle closes above this trend line.
Once we can confidently state that the down trend of the past 7 days has been reversed; the bigger question is the bigger correction over and we're going to move to a new ATH or will this simply be part of a WXYXZ corrective pattern. We'll discuss those upward targets in the coming days along with price projections for potential reversals down.
Comment:
Hourly just closed BARELY above the top trend line. The 5 & 15 min charts are playing with the trend line and we expect it to hold. LONG is the play with very tight stops.