XMRUSD - Monero is strong. But strong enough?Can Monero break the U-MLH of the yellow Fork to stop the down-drift?
In the last post we see that Monero has the potential to reach the white Centerline at around $240. At least this is the view on the weekly Chart.
On the other hand we see support at the U-MLH in the daily Chart.
Until the U-MLH of the yellow Fork isn't breached by a open and close outside, the weekly short projection is in play.
Moneroshort
XMRUSD - Monero And It's Warning-LinesToday we’re analyzing Monero, with a focus on a new aspect of Median Lines — the Warning Lines, or WL for short.
Warning Lines are simply extensions of the distance between the Center Line (CL) and one of the Median Line’s outer boundaries, either the Upper Median Line Parallel (U-MLH) or the Lower Median Line Parallel (L-MLH).
So why are they important for us in our trading?
As you can see, WL1 and WL2 mark important price levels. WL2 is where price reversed, while WL1 acts as resistance.
Just like with the standard lines, our full trading rule set applies to Warning Lines too. This includes scenarios like a Hagopian, a breakout or "Zoom Through," and the Test and Re-Test.
Now, looking at the current analysis:
The price was rejected at WL1 after falling from WL2. This shows strong resistance at WL1, and now the price is heading toward the U-MLH.
If the price breaks below the U-MLH and starts opening and closing within the Fork again, there’s a strong chance it will move back toward the Center Line in the near future.
That could be your signal to take more profits, close the position, or possibly even short Monero.
Personally, I find it difficult to short crypto due to the high risk of manipulation by whales in the market. I prefer not to get caught in a short position if the price suddenly gaps to the upside. So I probably look to take a new position or add to an existing one, since it is a fair level where price found it's center.
That’s it for today.
Did you learn something new?
Great. See you next time, and trade safe.
Crypto is a complete dud and a shamMonero $20 Psychological target in 1 year. Bitcoin and Altcoins will make people's wives leave them.
L1000X Labs