Monero Trading Idea

Price bounces from the kumo and the uptrend line. RSI confirms price reversal. DMI shows range market conditions and for possible trading, we'll need ADX line moving upward. If we buy based on this reversal signal, our long trades will be opened not far from the downtrend line. This resistance line will be able to stop and reverse the market. It will be better to wait for a breakout signal and buy above the downtrend line. The breakout will have to be confirmed by high volume and rising ADX line. Stop orders should be placed below 37.50 level. Profit targets should be at 50.00 and 58.00 resistance levels. If the market drops below the kumo, we'll be able to see a downward movement to 30.00 support line.

Comment:

Monero broke the downtrend line. It's a confirmation for possible upward movement.