Monero is in an ascending wedge with a possible breakout in a few days. So it would be ideal to get in on the floor of the wedge and take partial profit at the top. We will see then if it is better to exit the trade or keep a portion long.
Many wedges are the confluence of two different slopes . Often the stronger slope wins and the wedge converts to a channel.
With almost all currencies in the red it is difficult to find one that has not fallen out of its downtrend.
Over the last few days we saw money leaving BTC and especially ETH into NEO.
Neo spiked to our target. While money is leaving the market our option is to park in Tether(USD) or a currency in an uptrend. So I feel that this trade is more risky than the others that I posted.
I would wait for a retracement to the line and place a tight stop. I would move this stop to breakeven as soon as possible since it is possible in these market conditions that Monero falls out of these uptrending slopes.
Current key points are highlighted with the Risk/Reward tool.
However it is possible that it will step down to the lowest ascending line.
If that happens I will need a double tap on this line before entering
Note: These prices are not Binance prices, since their data feed was not comprehensive enough. If II am trading with Binance then I will use the data from this chart.
Many wedges are the confluence of two different slopes . Often the stronger slope wins and the wedge converts to a channel.
With almost all currencies in the red it is difficult to find one that has not fallen out of its downtrend.
Over the last few days we saw money leaving BTC and especially ETH into NEO.
Neo spiked to our target. While money is leaving the market our option is to park in Tether(USD) or a currency in an uptrend. So I feel that this trade is more risky than the others that I posted.
I would wait for a retracement to the line and place a tight stop. I would move this stop to breakeven as soon as possible since it is possible in these market conditions that Monero falls out of these uptrending slopes.
Current key points are highlighted with the Risk/Reward tool.
However it is possible that it will step down to the lowest ascending line.
If that happens I will need a double tap on this line before entering
Note: These prices are not Binance prices, since their data feed was not comprehensive enough. If II am trading with Binance then I will use the data from this chart.
Order cancelled:
No support visible at all. I need to wait for a new structure