XMRBTC Long (but wait for retracement first)
Updated
BTC has now reached the all time high at 1160 and started to pullback. That helped a lot ETH and XMR moving back up. However regarding XMR, I would be carefull not to buy the top and instead wait for a proper retracement to take place before back long. The good news is that there is a lot of well-defined support zone for us to trade.
The first long entry I would consider is the following
Entry: 12.7 (previous wave high + 0.618 fib retracement level + channel bottom)
Stop: 10.9 (below the 0.764 fib retracement level + below the channel bottom line)
Target: ATH (all time high)...you might want to close when price hit to top of the channel)
The first long entry I would consider is the following
Entry: 12.7 (previous wave high + 0.618 fib retracement level + channel bottom)
Stop: 10.9 (below the 0.764 fib retracement level + below the channel bottom line)
Target: ATH (all time high)...you might want to close when price hit to top of the channel)
Trade active
ABC correction seems to be over. Now looks like a good time enter long (or add is you're already long).In any case, a breakout of the current channel structure would makes me rethink this strategy.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.