Giorgioversace

Monero printed a strong long signal

KRAKEN:XMRUSD   Monero / U.S. Dollar
This is to hold long term, not for swing trading.
Daily is showing some clear support on the daily 50 Smma , after having spent the bear market below it (except for false breakouts that lasted only some days/week).
The pattern is clearly showing more buyers than sellers, raising over this blue Smma and using it as a support.
The Smma 200 in pink is more resistive, but buyers are pressurizing it more and more.
No golden cross yet, but with patience it should be created soon.


Regarding the weekly, Monero finally created a false breakout of 2 weekly candles on the major Smma , after having pressurized this moving average during 5 consecutive weeks.


Super encouraging, the bottom of December looks very clear, to me.
Bear in mind major alts might take some time before finally taking off, and important volatility is to be considered.
Do not expect to be rich in a week, or get out of this market.
Patience, education about particular coins like Xmr is what is needed to survive and eventually make money.

Great analysis, simple but very good!
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@TraderT33,
Thank you sir!
Here in the old school we almost only use moving averages to determine incoming trends, post bottoming markets and declining assets.
Very simple, very efficient.
Ciao
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TraderT33 Giorgioversace
@Giorgioversace, Love it, follow well deserved, like your work a lot, keep it up!
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