ranadagger

XMRUSD - A good bet on the upside

Long
BITFINEX:XMRUSD   Monero / U.S. Dollar
Though XMRUSD is trading inside a descending triangle , which is a bearish formation, the lows of about $150 have held since end-December of last year. Currently, the cryptocurrency is making a move higher after finding support at $161 on April 06 and 07.

We can expect the current move to reach the downtrend line of the descending triangle , which should be just above the $310 mark. If this is crossed, then the next move should be to the $374 mark.

The 50-day SMA has not provided any resistance previously, hence, I don't expect it to be a major hurdle this time too.

So, a long position at the current levels of $203.38, with a stop loss of $148 can be taken. At this point of time, looks like we are getting into the position early, closer to the bottom.

Comments

Sounds good mate, thank you!
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