Monero - XMR USD - Flag and channel setup
Updated
Monero is currently in a large flag pattern on the daily chart as well as a tighter one on the 4hr. It is also in a relatively flat parallel channel. I will be looking to enter a long trade on a strong break of the channel or a close to the upside, and similarly looking at a short with similar requirements to the downside.
I will assess appropriate levels for stops as the chart progresses and support/resistance levels become more clear.
I would say these options will take a while to play out and there are other shorter term trade options, but personally, besides range trading inside the channel, I would like to see it make a much stronger move than it has done lately before I enter into a more serious position.
I will assess appropriate levels for stops as the chart progresses and support/resistance levels become more clear.
I would say these options will take a while to play out and there are other shorter term trade options, but personally, besides range trading inside the channel, I would like to see it make a much stronger move than it has done lately before I enter into a more serious position.
Note
4hr chart:Loose flag with descending channel. Looks like volumes are weak with not much buying support. Hopefully as/if BTC calms down we will see some action return to alts.
Note
Daily Chart:Still in a descending channel, broken bottom of support zone but bounced off 78.6% fib retracement level. Normally I would be setting up to enter a short if it breaks below the fib support level, but due to the current market I wouldn't be surprised to see money rushing back from BTC to other crypto after tomorrows fork. If only for a short time before the next one...
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