APOLOGIES TO THE TRADINGVIEW ADMIN, FOLLOWERS AND VIEWERS.
A dozen of my charts/ideas have been hidden by the site admins as a result of me violating the House Rules. I thank the team for not extending the warning into further sanction and to the viewers I'm sorry for the loss of charts as I'm the only one to be blamed. I'll do my best to repost most of them where it makes sense.
So let's move on and talk charts ;-)
XMRUSD 4H UPDATE - 18/04/2018
Monero has been trading higher but failed below 206.02 and from current level, as long as above 159.09 we should expect the second leg higher in the form of a motive 5 waves. Preferred view is another leg lower to correct the cycle from 07/04/2018 but a break from current levels above 206.02 would trigger a bullish sequence and open door to more upside. I will monitor a break of the trendline in RSI to confirm end of the correction.
Idea is still to buy green 2 when the correction structure is clearer and levels defined with more data.
UPDATE FROM 14/04/2018
I proposed a sequence from 382.51 completed at 159.09 as a motive 5 waves, part of the C leg of a FLAT from 17/02/2018 high. So 159.09 is considered as a soft support until we have a bullish sequence in 4h. 145.51 is our main support in 4h but remember that in daily, this is a soft support. Because I do not like to sell cryptocurrency (sell shorts) because of daily view as of today. This might change but I do not do crystal ball reading.
The move from 145.51 is in 3 waves (corrective) for now as we do not have RSI divergence and therefore the sequence that ended at 203.44 is from 10/04/2018 low. Because green -3- and red -3- overshot 161.8% extension of their respective cycles, I will continue to push price higher in a motive 5 waves until proven otherwise. For now there is no setup and monero is still under the pressure of bears, meaning that from current levels, nothing say that it cannot go lower (dotted line).
So I would not propose any setup yet (the long in daily should be in already with their stop set, so do not jump in here with $40 stop to aim over $300 as it makes no sense ;-)). I will wait for the motive waves to complete and buy green 2.
For now, invalidation level remain 145.77.
A dozen of my charts/ideas have been hidden by the site admins as a result of me violating the House Rules. I thank the team for not extending the warning into further sanction and to the viewers I'm sorry for the loss of charts as I'm the only one to be blamed. I'll do my best to repost most of them where it makes sense.
So let's move on and talk charts ;-)
XMRUSD 4H UPDATE - 18/04/2018
Monero has been trading higher but failed below 206.02 and from current level, as long as above 159.09 we should expect the second leg higher in the form of a motive 5 waves. Preferred view is another leg lower to correct the cycle from 07/04/2018 but a break from current levels above 206.02 would trigger a bullish sequence and open door to more upside. I will monitor a break of the trendline in RSI to confirm end of the correction.
Idea is still to buy green 2 when the correction structure is clearer and levels defined with more data.
UPDATE FROM 14/04/2018
I proposed a sequence from 382.51 completed at 159.09 as a motive 5 waves, part of the C leg of a FLAT from 17/02/2018 high. So 159.09 is considered as a soft support until we have a bullish sequence in 4h. 145.51 is our main support in 4h but remember that in daily, this is a soft support. Because I do not like to sell cryptocurrency (sell shorts) because of daily view as of today. This might change but I do not do crystal ball reading.
The move from 145.51 is in 3 waves (corrective) for now as we do not have RSI divergence and therefore the sequence that ended at 203.44 is from 10/04/2018 low. Because green -3- and red -3- overshot 161.8% extension of their respective cycles, I will continue to push price higher in a motive 5 waves until proven otherwise. For now there is no setup and monero is still under the pressure of bears, meaning that from current levels, nothing say that it cannot go lower (dotted line).
So I would not propose any setup yet (the long in daily should be in already with their stop set, so do not jump in here with $40 stop to aim over $300 as it makes no sense ;-)). I will wait for the motive waves to complete and buy green 2.
For now, invalidation level remain 145.77.
