On the last chart I mentioned that XMR could have broken upwards if the downtrend was beaten. Unfortunately, this was not the case and the 50% retrace took place instead.
While the support was broken, XMR has been tightly trading around that level, 140-160. If we combine the general setup now and assume market manipulators have filled up their bags, a series of bullish confirmations might take place over the next 2 weeks.
1. The resistance at 140-160 becomes support again.
2. The price starts trending above the kijun-sen.
3. The ichimoku trendlines cross into a bull configuration.
4. Volume starts picking up, and it breaks the wedge.
5. Indicators in general reach a neutral point and investors start a bullish feedback cycle with them.
My guess for a price target within the next two months, if the above-described series of events happen, is at least 500 USD.
While the support was broken, XMR has been tightly trading around that level, 140-160. If we combine the general setup now and assume market manipulators have filled up their bags, a series of bullish confirmations might take place over the next 2 weeks.
1. The resistance at 140-160 becomes support again.
2. The price starts trending above the kijun-sen.
3. The ichimoku trendlines cross into a bull configuration.
4. Volume starts picking up, and it breaks the wedge.
5. Indicators in general reach a neutral point and investors start a bullish feedback cycle with them.
My guess for a price target within the next two months, if the above-described series of events happen, is at least 500 USD.
Note
1. Is starting to build up.2. The price crossed the kijun-sen.
We need to keep a confirmation on those two.
Note
The volume profile shows that 140 is becoming a nice support.Note
By now I think 140 is surely a support. Unlike previous cases of breaking the trend, the price is strolling out of the wedge. Even if the volume isn't there yet, I think it is better to have this nonchalant breakout with no rejection volume. That's a win.Note
XMR moved back into the wedge, but there was the bullish cross of Ichimoku trends. Looking at the volume profile, 122 seems to be a good place to at least stay for a while and perhaps bounce from here. Otherwise the next support lies at around 112.Note
It turns out I cant delete posts, so I'll just spam a donation address. Send me your ETH here 0xF7Dc813B5c746F777DD29c94b7558ADE7577064e.
Related publications
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.
Related publications
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.