PRICE ACTION:
Monero has had a nice run since hitting a low around 80 in
early November.
It shot back up to those old August highs around 150 and broke out without much difficulty with a strong bullish candle on high volume on November 22.
When price breaks out to new highs, we like to see a restest of that break out level. If price falls back to those levels and bounces off of them, then we know that old resistance (former high sell off point) has now become support.
In that mold, XMR seems to be successfully retesting that 150 level, which gives us a clear level to trade against and manage our risk.
BULLISH ON ALL FRONTS:
All other indicators are bullish which gives us a strong tailwind for a bullish bounce off of this new 150 support.
Bullish: 200 day sloping up, strong green volume, overbought RSI, breakout, restest
THE PLAY:
Long over 150
Stop with daily candle close under 150
Target 1: 213 (161.8% Fibonacci level of August to November decline)
Target 2: 246 (measured move of August to November decline)
Monero has had a nice run since hitting a low around 80 in
early November.
It shot back up to those old August highs around 150 and broke out without much difficulty with a strong bullish candle on high volume on November 22.
When price breaks out to new highs, we like to see a restest of that break out level. If price falls back to those levels and bounces off of them, then we know that old resistance (former high sell off point) has now become support.
In that mold, XMR seems to be successfully retesting that 150 level, which gives us a clear level to trade against and manage our risk.
BULLISH ON ALL FRONTS:
All other indicators are bullish which gives us a strong tailwind for a bullish bounce off of this new 150 support.
Bullish: 200 day sloping up, strong green volume, overbought RSI, breakout, restest
THE PLAY:
Long over 150
Stop with daily candle close under 150
Target 1: 213 (161.8% Fibonacci level of August to November decline)
Target 2: 246 (measured move of August to November decline)
Comment:
We are moving up nicely towards our targets. Small consolidation candle pause before the next move.
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Sign up to TradingView charts:
tradingview.go2cloud.org/SHxi
Sign up for TastyWorks - The Broker of the Future:
start.tastyworks.com/
Twitter:
@BerlinTrader591