. There is a possibility of temporary retracement to suggested support line (86.00). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. XMRUSD is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
All indicators (MACD, RSI) show a good time to buy more XMR now. Monero was struggling good while BTC was pumping. It could be that point as we had in 2015 Dec. 1. We just need to wait for BTCUSD go flat to open an altcoin season.
A nice little example of a textbook descending wedge pattern reversal on the 1h chart here with Monero. Over the last few days I thought it might be a little triple top but given the fact that it's bounced off the 0.008200 area of resistance several times while slowly starting to make slightly higher lows, I'm putting my cards on a descending...
This trade idea is for demonstration and educational purposes only. Trade at your own risk.
We see a possible teacup formation. Key things to note:
1. Price is being contained within an ascending channel.
2. Price is very well respecting the 50% fib level and using this level as dynamic support.
3. Possible makings of teacup in terms of handle formation....
Monero (XMR) is a private, secure, and untraceable cryptocurrency that was launched April 18th, 2014. With Monero, it is said you are in complete control of your funds and privacy no one else can see anyone else's balances or transactions.
The long-term view of XMR shows a different picture. One might think that XMR is overbought compared to BTC. But we should keep in mind that XMR hasn't had a real ATH yet. XMR has developed rather slowly and organically. Accordingly, the development could continue and XMR could rise against BTC.
Let's see what happens. Happy trading. :-)
Monero ( XMRBTC ) is trading within an ascending channel and is showing a pretty simple and basic set up and it looklike last bulish movement for BTC with similar pattern.
Now that the lower end of the channel has been touched, you can expect a bounce from current price level.
If XMRBTC is to drop lower, support can be found on the next fib. level.
Priceline of Monero / US Dollar has formed bullish shark and entered in potential reversal zone.
RSI is oversold.
Stochastic has given bull cross.
I have used Fibonacci sequence to set the targets as below:
Buy between: 79.020 to 74.088
Sell between: 83.276 to 92.993
Atif Akbar (moon333)