XMR - Quick Analysis: Hitting Support in Channel?
XMR has seen a very bullish month, and after a short correction we appear to be sitting on support within the ascending channel.
If this holds, it's safe to assume we're heading back up in the channel, potentially past the previous high.
Indicators have potential reversal signs, and with this location in the channel we can set a tight stop loss below EMA 100.
The last time we broke through EMA 50, we didn't make it to EMA 100 and the time before that we bounced right off it. If we go down past EMA 100 we could see a bigger correction downward and break the upward channel while we're at it..
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If this holds, it's safe to assume we're heading back up in the channel, potentially past the previous high.
Indicators have potential reversal signs, and with this location in the channel we can set a tight stop loss below EMA 100.
The last time we broke through EMA 50, we didn't make it to EMA 100 and the time before that we bounced right off it. If we go down past EMA 100 we could see a bigger correction downward and break the upward channel while we're at it..
--
I'm a guy that you don't know posting his ideas on the internet for the sake of improving as a human being. If you take this as financial advice, that's on you.
If you like my analysis, then leave a like and feel free to follow for more free content. Feedback, criticism and crude humor are welcome :)
Come hang out with me on telegram, it's free and I won't be too mean too mean to you:
t.me/KadnimCrypto
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