1) EMA 21 crossing EMA 55 and approaching EMA 100 on daily TF - early sign of an entry point
2) end of Great Consolidation (3 months) with establishing solid support at .0035 - trade invalidation level
3) rounding bottom (w/higher lows) after 2 selling attempts on high volume - 2nd entry signal and confirmation
4) PA at testing higher boundary of...
1/ Support @ 16.6
2/ Breakout of descending resistance (but wait for a confirmation on D1)
3/ Invalidation level below resistance at 15.5
4/ R:R = 3:1 approx
VSA analysis: 2nd successul retest of 16.6 with. Bounced on lower volume. Sales pressure has decreased so far.
More likely that swing low is pretty close to an end.
After selling climax occured in the middle of March, 2020, XMR started to slowly climbing towards the 2-year-range's upper boundary.
The majority of coins were distributed within that range. Why?
1) Selling climax
2) 2-year-long consolidation
3) quick retrace from a pullback at 120 price level.
1) BTC already hit ATH. ETH has 2x way to go. XMR still...
1) Resistance cleared
2) 5th of September: Selling Climax. No supply on 23th of Sept. Secondary test occured.
3) 21-22 Oct: Buying volume appeared = demand.
4) Price above previous selling clusters.
R/R = 1/1.5 (1st target)
In case of successful test of $490 (probability - 70%), ETH will go to 600-750 area. Decent potential.
Consolidation breakout: lower low below support (now turned to resistance imo)
Cosolidation = H&S in this case. But me personnaly don't like such an obvious cliche. Better call it consolidation simply.
Just having a little bit of fun looking at 100+ diff crypto charts and figuring out the mainstream direction in the near future (a couple of months).
The real altseason and, in consequence, a real fun will start when some of good old high- and midcaps from 2016-2017 will near itws ATH. Will see.
1/ Bullish engulfment h1
2/ Return to the red line (miner's break-even)
3/ Decent volume on the emphasized bars
4/ Shake-out in the last few days. Which is obvoiuos now. "What goes down too fast, comes up".
As for HTF view:
5/ But the main thing we want to witness is BTC being decoupled (sorry for cliche:) from SP500. That's the THING it was created for.
Pretty risky trade tbh (on higher TF BTC looks more bullish).
1) R/R which is around 1:3 and I like the trade's overall potential.
2) Pin bar on 9150-9200 level (rejection).
3) High volume (limit and agressive sells)
4) Negative delta
And...double top (previous was on 01/19/2020).
1) VSA: Decent volume on h4/h1 TF
2) MA 50/200 cross
p.s. purple line - upper macro downtrend border. Breakout on 01/14/20 on decent volume.
short orange line - breakout correction level (8200-8000).
Chances are high that we're going to test weekly resistance at 9500-9550. Thus, decided to long.