Volatile_Victory
Long

XMRBTC (1H): Week Long Down Trend Breakout. Correction Over?

POLONIEX:XMRBTC   Monero / Bitcoin
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.
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.
what do you think the target is? 0.02 or 0.03?
Reply
If the correction is over then I would expect the next leg to reach up to 0.0277. However, that is a big IF. We'd need several confirmations prior to being able to make such a projection. That first confirmation will be how prices react to the trend line from the top of Wave A through the top of Wave C which will probably end up in the 0.0185 - 0.0190 range.
+1 Reply
I literally missed setting up this long position by 5 damn seconds....
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:( So far we got a 50% retrace so there is still time to get in. We still have a bit to go up for even the most conservative target.
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Volatile_Victory PRO Volatile_Victory
Your target entry should be about 176.
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RafaelYepez Volatile_Victory
I bought in 0.0185 1 week ago. What do you recommend?
Reply
Hold for now. We should get back to 0.0185 or slightly higher within the next 24-48 hours.

At that point, I would sell for breakeven (or slight profit) OR subscribe to my ideas so you know whether to hold/sell once we reach the critical 0.0185-0.0190 juncture. We could either barely touch that and then move back down (sell) or we can blast past it and it would be a hold as I would expect much higher prices.
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The flood gates are potentially opening. I hope you got stopped out. If we breach 160 there isn't much resistance until low 150's and it could reach down to 132.
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