The blue channel's median line offered support 3 times (green arrows), but now it appears to be broken. Further the ABC correction appears to be still in play within the red downward channel
RSI dropped below 50 again!
Targets are either the
greenbox which is the blue channel floor and 0.5 fib retracement OR
bluebox which is red channel bottom and 0.618 Fib
Priceline of Monero / US Dollar cryptocurrency has formed a bullish shark and entered in potential reversal zone.
I have defined targets using Fibonacci sequence as below:
Buy between: 81.23500000 to 79.22000000
Sell between: 83.88172959 to 88.81193575
Atif Akbar (moon333)
Things are turning interesting here.
Decreased volatility for the last few days is an indication of volatile price change is in the near future.
We are more likely to have a rally, than a decline, as we are finishing what appears to be a micro 1-5,abc pattern.
If the price continue to stabilize, this will lead for the price action for Alt coins accumulation,...
. 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.
Since the last Report, that was published before the Libra announcement, things changed, and market pushed higher.
However, we still hitting a major price juncture, and a $2.5k price dump in BTC has shown that. However, alts held reasonably well, so what happens next?
I am not sure who is buying at these levels now, but those people must have deep pockets....
The technicals for Monero are mostly bearish at the moment, with a number of patterns suggesting that the XMR / USD pair remains vulnerable to further losses while trading below the $88.00 level. In the near-term, a breakout from the $74.50 to $88.00 levels will almost certainly determine the next strong directional move in the cryptocurrency.
It seems as though we are heading towards a more complex correction.
We will likely make a triple flat correction combined to make one big complex pattern before we either break down to make a new low or correct the complex flat and reverse into an uptrend.
Either way, we will have to re-evaluate the price action as time goes by.
If you would...
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)
XMR (and BTC) will be the big winners (in the short, but for sure in the long term)
Leverage trading will make crypto very volatile in the next years.
We will see big gains and big pullbacks.
In the end BTC will be nr 1 and XMR nr 2.
The ROI (for now on) on XMR will be better.
I would advise to buy and hodl XMR. For 2-3 yrs.
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.