After recent consolidation following prior spike, XMR (Monero) relative to BTC (XBT on Kraken) is nearing short term pennant completion and midterm resistance. Clearing the mid term resistance should enable XMR to advance toward longer term resistance near 0.025 from its current price level near 0.020.
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The trading pattern has morphed: The pennant has become a flag.
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Earlier breakout today met by HUGE overhead supply/resistance at 0.0207 has crushed the current price to or just below the mid-term rising support line. Unless this turns out to be a bear trap (TBD), idea is withdrawn/canceled.
Word of caution, don't enter a trade until the pattern resolves and is validated by breakout to the upside.
All patterns can morph or change, and are only validated by price action after they conclude.
RogueDave
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@orangejuice@Woodstock One more link, info on trading strategy at the bottom is helpful/instructive.
@RogueDave, thanks! Are you changing your view to short based on this?
RogueDave
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@Woodstock, Until the mid-term rising trend-line of support dating back to May 16, is broken, I would not consider a short recommendation. None of the exchanges I have registered with enable shorting, so for that alone, I am not posting short recommendations, Long or Sell (cash) only.
Woodstock
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What does that mean? "pennant has become a flag"?
orangejuice
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I thought a pennant was a flag? Not the same ? What is the difference , please?
investopedia.com/university/charts/charts6.asp
stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:flag_pennant_continuation
Word of caution, don't enter a trade until the pattern resolves and is validated by breakout to the upside.
All patterns can morph or change, and are only validated by price action after they conclude.