Price reached the downtrend line and bounced. We could see a short term downward movement to the uptrend line. Probably this support line will be a reversal zone for a new upward movement. If the market reaches the downtrend line again, we'll have to watch for price action near this important line. It will be a new attempt to pass through this barrier. We can place buy pending orders above the previous swing high. If price can break the downtrend line and moves above this high, we'll get a confirmation for further upward movement. Entry level for long trades should be above 45.50 with stop orders below 41.00 level and the uptrend line. Profit targets can be at 50.00 and 56.00 resistance levels.
Thank you for sharing, very detailed. Do you happen to follow XMRBTC ? I am holding long since a month ago and wonder if we are going to see lower levels, Thanks in advance.
SammyNoden
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@PAHMAD1339, I recently settled a long position of XMRBTC because it fell whenever BTCUSD spiked up. I think this will continue as BTCUSD trends upwards. Better to go long against USD here I think.
@PAHMAD1339, Actually, I don't think it makes a difference whether you trade XMRBTC or XMRUSD. All my altcoin USD trades, including XMRUSD just took a hit after BTC broke its support line. Best to wait and see what bitcoin does I think.