Long

Monero potential breakout

Updated

Monero is wedged between a strong support and resistance. As soon as one is broken and the candlestick closes above resistance/under support it means a breakout is confirmed.
If it breaks out in an upwards direction, it will keep to the fibonacci lines, resulting in the following targets:
Target 1: 503 usd
Target 2: 668 usd

If it breaks out in a downwards direction, it will drop to previous support being 212 usd.

Keep a lookout on the RSI to make sure it supports upwards movement. 80 RSI becomes too overbought to sustain itself.
SMA supports upwards movement.

If I made you money, please consider buying me a beer:

LTC: LfbKuDHZaDTRUV9pXJuWCUcG14XLrGtBcs

Happy trading everyone!

Trade active

It broke out in an upwards direction. If you missed the buy, a good move would be to wait for it to test support at 400 usd. It could also go to the target without testing support, so be watchful.

Note

Support will be 368. If it goes below 363, my stoploss will be triggered.

Trade closed: stop reached

BTC crashing, a red week for all alts. RIP all trades.

Note

I was wrong to immediately call out doom here. I expected BTC to crash further. XMR just hit resistance again. If it closes above it, it's gonna make a move on the target again.

Note

XMR bounced off support at 230, hope you bought.

Woolhead

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.