XMR vs USD

Following a massive 320% rise since March there is now evidence to support a significant correction is very likely.

The facts:

1) The above 3-day clearly indicates a bearish divergence between price action and the oscillators.

2) Price action is constrained within a rising wedge = bearish.

3) RSI support becomes resistance (orange line) following the overbought condition (green column).

Can price action go higher? For sure - might touch $145

Is it probable we go higher? No. Risk reward is unacceptable.

Targets:

1st $96
2nd $75
3rd $57


10-day chart:

We can see MFI is very overbought (circled in black) @ a value of 91 - this is ridiculous.

Trade active

Comment:

Large correction imminent -

Comment:

Be careful - the bearish divergence on the 3-day chart is growing in size. Although it might not look like much, the bottom image is the RSI zoomed up - it is quite strong.

The divergence in detail.

Trade closed manually:

Got to $100 but that's not happening again. Look left on the chart below, the 10-day candle recently printed. A powerful move to the upside is about to occur.

Comment:

Idea open again. Bearish divergence and RSI resistance.

Target around $90 at the moment.

Comment:

10-day chart now indicating failed support on RSI & MFI trend lines. I don't like it.

Must admit privacy coins are feeling increasingly riskier to hold these days.

Comment:

Is a drop to $85 dollars coming?

On the 10-day chart below price action finds support on the 21-week moving average (green line). However another week is needed to confirm this support. Worryingly the Stochastic RSI drops below 20 (circled in orange). Look left. Stochastic RSI below 20 is very bearish for price action.

If price action falls below $120, cut your losses.

Trade closed manually