Hi,
Here we see an OG crypto, flying under the radar as it approaches another critical decision time.
Why this is an attractive bid:
1. $50 round number and critical psychology support level.
2. 1.618 fib (bear extension target support)
3. Huge point of control area (which has just moved up from previous $20 level, with the break out targets easy to spot and very tasty return potential.
4. major trend-line support dating back from 2017 bull market beginnings.
5. weekly RSI looks good (bouncing off oversold level)
This presents an interesting entry point to go long, with risk management easy to spot. I like a stop loss at $42, and take profit between $85-$100. There could still be another 50% downside here, especially in the bearish bitcion scenario, so caution is advised. keep your risk on small, to compensate for the enhanced level of risk in these markets.
Best of luck, hit thumbs up.
Here we see an OG crypto, flying under the radar as it approaches another critical decision time.
Why this is an attractive bid:
1. $50 round number and critical psychology support level.
2. 1.618 fib (bear extension target support)
3. Huge point of control area (which has just moved up from previous $20 level, with the break out targets easy to spot and very tasty return potential.
4. major trend-line support dating back from 2017 bull market beginnings.
5. weekly RSI looks good (bouncing off oversold level)
This presents an interesting entry point to go long, with risk management easy to spot. I like a stop loss at $42, and take profit between $85-$100. There could still be another 50% downside here, especially in the bearish bitcion scenario, so caution is advised. keep your risk on small, to compensate for the enhanced level of risk in these markets.
Best of luck, hit thumbs up.
Comment:
also at a very interesting spot vs ETH - this gets the checkmark for long IMO
also at a very interesting spot vs ETH - this gets the checkmark for long IMO
Comment:
Not easy to call a weeky play like this - forecasting months in advance. hit that thumbs up will you?
not the prettiest chart - but it does show XMR vs.BTC on 200 weekly MA support