Dancharles

Monero looking to breakout after holding support

Long
BITFINEX:XMRUSD   Monero / U.S. Dollar
Monero XMRUSD is looking quite interesting today breaking out and looking to test the recent breakout and resistance.

We are looking at a daily chart in this idea and I show current and past support and resistance .

Like most of the major cryptos XMR has been quite bearish for a while but with this crypto it is at least looking to turn around.

140 is strong support and then on March 8th we see the big breakout in that larger range candle. On a side note one of my strategies for long term success has been to watch the larger range candles and more often look to enter after smaller ranges. Typically a large candle will pullback on the next candle a good percent of the time as we saw on March 9th.

The current breakout will need to be watchful of the 200 resistance level but overall it looks pretty interesting.

This is what the beginning of a potential trend change looks like. Getting back above 254 resistance really confirms it.

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