pinfkloyd
Short

Short the top! XMR long bear winter.

BITFINEX:XMRUSD   Monero / U.S. Dollar
Welcome to my new short setup.
Why Monero? As BTC             becomes shady, Alt coins start running in fear. After succesful short on XRP I started looking for another coin at top.

XMR/USD entry price: 351

First of all, I would introduce drawing tools on the chart:

1.White lines are main borders. We can clearly see that price recognizes and stick to them.

2.Blue circle marks very characteristic market move. This is first step to high volatility , We have corrected 68% in one slide. Now We have strong signal that market is driven on very unstable floor. This is the strongest card.

3.Yellow circle is my favourite bearish 3-candle formation. 1D time frame is the best for technical analysis , that's why popular candle formations are pretty accurate. green candle->doji->red candle.

When to enter? If You are patient,understand short risk and want to play long term, You could open a new position right now.
If You are opportunity hunter wait till tomorrow and scalp longers all along.
Stop loss could be placed right above the resistance, so We could loose max 10% on this trade.

Targets?
None. We aim strong position that could be only cancelled with stop loss.
You might consider closing short when XMR will be on bargain mode, in couple of months or even years ...
Trade active: Opportunity hunters would be proud
Trade active: Monero possible scenario
Trade active: So, what do we have there? Is there possibility for head & shoulders to occur?
In my opinion it won't match into any pattern now. SMA 50 is crossed on 1D and We can expect a few more lows before bounce. Fibo 0.5 is crossed - this means that pullback is possible, but not needed, because there is no shade of strenght - stochastic shows to us that orange line is above blue line all the time since reversal. This means that bulls have no power there - exhaustion appeared in full size.
Trade active: Profit target: $ 153
Trade active: SMA 20 + SMA 50 crossover. Very important sign on the path. It means strong tank, don't know how deep but my speculation closes in $ 153 area. Strong impulse is coming to shake out the market and flip it back on track for just a while. It will be anchor point to pick decision about further trading on this pair. As our predictions are accurate and become fullfilled We will be able to judge information coming from technicals and fundamentals.
Good luck !
Comment: Monero in doubt
https://www.coindesk.com/crypto-kill-switch-monero-going-war-big-miners/
Trade active: Monero still looks weak. Holders are very faithful. Creators and both Koreas are dumping it hard. That's why i move my profit taking to last fibo retracement.
1W chart
Comment: explanation of current statement. EMA 12 sends good sell signals in downtrend.
Trade closed: stop reached: I am stopping this trade due to BTC's volatile indecision. Soon there could next idea appear. Stay tuned!
+48%
nice trade!
+1 Reply
pinfkloyd Bobby_Petrino
@Bobby_Petrino, thanks, I aprreciate nice message !
Reply
Strongly disagree with such analysis. Monero hardfork coming up in less than 10 days and pretty sure this will boost the price, probably starting today or tomorrow. But hey, time will tell :)
+2 Reply
pinfkloyd Karolis99
@Karolis99, Thanks for Your view, my point is definately technical. I always respect fundamentals. However, coin still can announce good news during downtrend.
Reply
hortstu Karolis99
@Karolis99, Yeah I'm thinking of selling my XMR before the fork because I don't care about the new coin and I expect it to drop right after. Rebuy then.
Reply
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