Long on retest
On the daily chart you can see Moneros price currently has a strong correlation to the relative strength of Bitcoin. As of now Bitcoin is heading for a strong resistance zone 57500 were I think there will be another bounce and test of the 59000 area where I will be waiting for a high volume breakout of the wedge. I think this is pretty unlikely for BTC right now however an entry on the retest puts us in decent long position should it fail and if it does succeed I see no reason why Monero wont be on route to 520+ again. This is not financial advice posting for learning purposes, keeping a log of the thought process behind my trades to better my analysis in future. Let me know what you think, safe trading!
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.