I think we will see a rise to around 46000 with a break of the bearish pennant over the coming days. Low volume nodes above pennant indicate volatile movement through this area followed by room to grow indicated by RSI and a potential cross on the MACD on the daily time frame. Of course all of this could be invalidated high volume break is a must! But I think a...
This is just an idea DYOR. Would like to see a break of ascending triangle but will be waiting for retest to confirm structure. Low volume nodes above triangle would suggest it would be a quick climb to 42500 where I plan to take profit and wait for retest of larger downward trend line marked in red. Let me know what you think.
On the daily chart you can see Moneros price currently has a strong correlation to the relative strength of Bitcoin. As of now Bitcoin is heading for a strong resistance zone 57500 were I think there will be another bounce and test of the 59000 area where I will be waiting for a high volume breakout of the wedge. I think this is pretty unlikely for BTC right now...
Stop loss is a must, BTC is not looking too strong right now be careful of a dump. Personally I will wait and see if BTC can hold its wedge in the coming hours. Let me know what you think, posting for learning purposes DYOR.
Will be looking for re-entry around 55000-56000 provided the wedge holds, think we could see a serious dump if 55000 is broken at this point in time. Let me know what you think, by no means is this professional advice.
If XMR can hold next 4 hour candle above trend line. I believe 500$ could be on the cards in the coming days providing bitcoin stays trading within a range. Please let me know what you think.
