XMRUSD 1W Cup & Handle 01/01/22
Updated
XMR is presenting a long term favourable bullish structure.
Technicals:
Areas to monitor would be a breakout of the orange trendline to the pattern target of 35.2% from breakout and ~$517.60 for the handle neckline. A "perfect breakout" of the handle would implicate a price target to ~56.66% ($816.69) as per historical statistics.
Also note that the average historical price rise for a "perfect breakout" for this pattern is recorded as 54%.
Moonero? Let's see.
This is not financial advice and always DYOR.
Technicals:
- Volume has increased into and during the handle, conforming to pattern expectation.
- Triple bullish divergence on RSI (indicating a significant decrease in downwards momentum), which has the potential to close above 50 this week - indicating momentum passed equilibrium point in terms of oscillation (to the upside).
- Stochastics (green & red) are presenting a fresh weekly cross above $223.43, which would imply an upwards oscillation is commencing.
- BBWP (volatility indicator) has increased from significant lows (<2%) and continues to present an increase alongside momentum. This is a good indication of a potential longer term, large move incoming in favour of the upside.
Areas to monitor would be a breakout of the orange trendline to the pattern target of 35.2% from breakout and ~$517.60 for the handle neckline. A "perfect breakout" of the handle would implicate a price target to ~56.66% ($816.69) as per historical statistics.
Also note that the average historical price rise for a "perfect breakout" for this pattern is recorded as 54%.
Moonero? Let's see.
This is not financial advice and always DYOR.
Comment
Reeeeeekt right alongside BTCComment
Thought I'd update this. XMR is still in the cup and handle structure and may have potentially completed an ABC correction. Disclaimer
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