Monero recently broke out of a long failing wedge. As you can see, the breakout of the failing wedge is being retested at the 30 day moving average. If the 30 day moving average holds as support here, and we see a significant bounce from this area, then I would assume the retest was successful and Monero could be on it's way for another bull run.
As with all alts, this is largely contingent on BTC's own price action. If BTC goes down, then expect this retest to fail or for XMR to ride the top of the failing wedge down past the 30 day moving average until BTC starts to recover.
Trade closed manually
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Retest was successful but price action suggested weakness. Exited trade early with little profit.
We sincerely disagree. Following the strong Lower High rejection on the 1W Falling Wedge we now expect a symmetrical 4H Channel Down pattern to steadily reach the previous low = 75.792:
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@InvestingScope, If BTC price declines here, I expect XMR to follow. I don't think we disagree at all, I believe the downward channel you are predicting would follow the top line of the failing wedge. I stated this in the idea.