Woolhead

Monero potential breakout

Long
BITTREX:XMRUSD   None
Monero is wedged between a strong support and resistance . As soon as one is broken and the candlestick closes above resistance/under support it means a breakout is confirmed.
If it breaks out in an upwards direction, it will keep to the fibonacci lines, resulting in the following targets:
Target 1: 503 usd
Target 2: 668 usd

If it breaks out in a downwards direction, it will drop to previous support being 212 usd.

Keep a lookout on the RSI to make sure it supports upwards movement. 80 RSI becomes too overbought to sustain itself.
SMA supports upwards movement.

If I made you money, please consider buying me a beer:

LTC: LfbKuDHZaDTRUV9pXJuWCUcG14XLrGtBcs


Happy trading everyone!
Trade active: It broke out in an upwards direction. If you missed the buy, a good move would be to wait for it to test support at 400 usd. It could also go to the target without testing support, so be watchful.
Comment: Support will be 368. If it goes below 363, my stoploss will be triggered.
Trade closed: stop reached: BTC crashing, a red week for all alts. RIP all trades.
Comment: I was wrong to immediately call out doom here. I expected BTC to crash further. XMR just hit resistance again. If it closes above it, it's gonna make a move on the target again.
Comment: XMR bounced off support at 230, hope you bought.

Comments

looks like I owe you a beer ;)
+1 Reply
Woolhead GeneralGous
@GeneralGous, Glad to hear you made profit :)
Reply
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