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 , 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 3-candle formation. 1D time frame is the best for , 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.
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 ...
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.