Long Term Bearish Move:
The price action of Monero has been moving down with strong bearish trend since Jan 2018 after hitting the highest price of Dec $477.
In the meanwhile it has been giving us many short term and midterm trading opportunities but on a bigger view it has been down and finally touched $38.50 in Dec 2018 that is the lowest price from Dec 2019 up till now which is more than 91% loss.
Since Jan 2020 the Bollinger bands on month chart is getting squeezed and priceline is moving sideways indicating that the price action might have found a support here.
Formation Of Parallel Channel And Double Bottom:
On week chart after hitting the $38.50 price the price action has found the support at $44 and since Dec 2018 the price action is consolidating here and moving sideways.
In the meanwhile the candle sticks are moving up and down and formed a parallel channel and the resistance of this channel is at $121.
Now we have 9 touches at resistance and 12 touches at support, this channel is very firm as the resistance or support are not broken since Dec 2018.
This time after hitting the support the price action is again bounced to hit the resistance soon.
Here we have also a double bottom formed by the price action which can lead to breakout and a very strong bullish move.
Oscillators and Momentum:
On week chart the moving average convergence divergence is turned strong bullish and RSI has already visited the oversold zone since May 2019 to Nov 2019 and when the price action took bullish move in Nov then after some bullish move it took some corrective move and pulled back and went in oversold zone again then turned strong bullish again.
This RSI move is very healthy which confirms the firmness of bullish trend on the other hand momentum is also turned strong bullish and we have received this strong bullish signal from momentum after Mar 2018.
The Harmonic Move:
The strongest signal in favor of bulls is the formation of harmonic bullish BAT pattern on month chart.
This pattern was started since Nov 2016 and now it has been completed, lets have a look on the pattern how perfect this pattern is formed:
The initial leg (X to A) was started in Nov 2016 and completed in Dec 2017 after 1st leg the price action has retraced between 0.382 to 0.50 Fibonacci (here I have ignored some extra spike), then B to C leg is projected between 0.382 to 0.886 Fibonacci projection of A to B leg and finally we have C to D leg which is retraced between 0.786 to 0.886 Fibonaaci and this is the potential reversal zone of this BAT pattern. Now from this PRZ area we can expect the bullish divergence at any time and realistically the price action can easily hit the 0.382 to 0.786 Fibonacci projection area of A to D leg and the buying and sell targets would be as below:
Buy between: $107.43 to $60.58
Sell between: $219.65 to $389.87
So this trade has potential to give upto 357% profit
Regards,
Atif Akbar (moon333)
The price action of Monero has been moving down with strong bearish trend since Jan 2018 after hitting the highest price of Dec $477.
In the meanwhile it has been giving us many short term and midterm trading opportunities but on a bigger view it has been down and finally touched $38.50 in Dec 2018 that is the lowest price from Dec 2019 up till now which is more than 91% loss.
Since Jan 2020 the Bollinger bands on month chart is getting squeezed and priceline is moving sideways indicating that the price action might have found a support here.
Formation Of Parallel Channel And Double Bottom:
On week chart after hitting the $38.50 price the price action has found the support at $44 and since Dec 2018 the price action is consolidating here and moving sideways.
In the meanwhile the candle sticks are moving up and down and formed a parallel channel and the resistance of this channel is at $121.
Now we have 9 touches at resistance and 12 touches at support, this channel is very firm as the resistance or support are not broken since Dec 2018.
This time after hitting the support the price action is again bounced to hit the resistance soon.
Here we have also a double bottom formed by the price action which can lead to breakout and a very strong bullish move.
Oscillators and Momentum:
On week chart the moving average convergence divergence is turned strong bullish and RSI has already visited the oversold zone since May 2019 to Nov 2019 and when the price action took bullish move in Nov then after some bullish move it took some corrective move and pulled back and went in oversold zone again then turned strong bullish again.
This RSI move is very healthy which confirms the firmness of bullish trend on the other hand momentum is also turned strong bullish and we have received this strong bullish signal from momentum after Mar 2018.
The Harmonic Move:
The strongest signal in favor of bulls is the formation of harmonic bullish BAT pattern on month chart.
This pattern was started since Nov 2016 and now it has been completed, lets have a look on the pattern how perfect this pattern is formed:
Buy between: $107.43 to $60.58
Sell between: $219.65 to $389.87
So this trade has potential to give upto 357% profit
Regards,
Atif Akbar (moon333)
