Setup: Prices are nearing 2015 lows indicated with the two parallel horizontal white lines, we see signs of weakening bears as we approach these levels, signifying a possibility in a trend reversal. So, we set up a long entry at the edge of the H4 channel area coinciding with the 2015 lows, aiming initially at the first area of H4 resistance, with possibilities of...
Alright, looks like Monero (XMR) has been overbought and a short position would be the most optimal here.
We have crossed the support line which supported this current trend, and now the market is looking for the new support level.
Given the current base support line, I think a very reasonable target price would be $230.
Sitting beneath a strong resistance line, going to wait for a confirmation of a reversal then enter a short to just above the 0.5 level at 1.32838, it may continue past that but will lock profit at that level and ride it further down.
Volume and OBV are both not supporting the bullishness of this wave (III)
We are likely to continue forming the wedge (in 5 waves ideally) on lower volume and break down right after.
Sell here and buy at the level of green support trend line.
For further analysis check out my other published charts that I linked bellow.
Cheers : ]