On the last chart I mentioned that XMR could have broken upwards if the downtrend was beaten. Unfortunately, this was not the case and the 50% retrace took place instead.
While the support was broken, XMR has been tightly trading around that level, 140-160. If we combine the general setup now and assume market manipulators have filled up their bags, a series of bullish confirmations might take place over the next 2 weeks.
1. The resistance at 140-160 becomes support again.
2. The price starts trending above the kijun-sen.
3. The ichimoku trendlines cross into a bull configuration.
4. Volume starts picking up, and it breaks the wedge.
5. Indicators in general reach a neutral point and investors start a bullish feedback cycle with them.
My guess for a price target within the next two months, if the above-described series of events happen, is at least 500 USD.
While the support was broken, XMR has been tightly trading around that level, 140-160. If we combine the general setup now and assume market manipulators have filled up their bags, a series of bullish confirmations might take place over the next 2 weeks.
1. The resistance at 140-160 becomes support again.
2. The price starts trending above the kijun-sen.
3. The ichimoku trendlines cross into a bull configuration.
4. Volume starts picking up, and it breaks the wedge.
5. Indicators in general reach a neutral point and investors start a bullish feedback cycle with them.
My guess for a price target within the next two months, if the above-described series of events happen, is at least 500 USD.
Comment:
The volume profile shows that 140 is becoming a nice support.
Comment:
By now I think 140 is surely a support. Unlike previous cases of breaking the trend, the price is strolling out of the wedge. Even if the volume isn't there yet, I think it is better to have this nonchalant breakout with no rejection volume. That's a win.
Comment:
XMR moved back into the wedge, but there was the bullish cross of Ichimoku trends. Looking at the volume profile, 122 seems to be a good place to at least stay for a while and perhaps bounce from here. Otherwise the next support lies at around 112.
Comment:
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2. The price crossed the kijun-sen.
We need to keep a confirmation on those two.