Monero - Multiple bullish signals
Updated
Dear trading friends,
First of all, I am following many coins/charts daily. If you want more TA please like and comment, and that is the best way to say thank you :)
The XMR/BTC chart is sending some good bullish vibes.
1. First, MACD is about to have a bullish cross. That did not happen for the past 27 days! And we had more than 14 bars on the bottom side, which validates the entry signal.
2. We have a bullish pin bar forming. On a day-candle chart here, that signal is a strongly bullish.
3. We have the lowest registered RSI ever for the XMR/BTC chart. Yes, go back on the chart, never been as low as now.
4. The support has been tested almost everyday for the past 10 days and have hold. Bears have failed here, and it is now time to go towards resistance.
There has been a sharp decline of the trading price for the past 15 days. It seems only logical XMR would go for an upward correction.
Plus, I don't see XMR going down beyond the support with that many bullish signals. We have seen the currency explode at the beginning of the month, and I expect a rally towards at least the white resistance trend line.
Stop loss at 23000 sats to invalidate the prediction.
Please feel free to comment and give me your opinion regarding this.
Best regards,
Greenou.
First of all, I am following many coins/charts daily. If you want more TA please like and comment, and that is the best way to say thank you :)
The XMR/BTC chart is sending some good bullish vibes.
1. First, MACD is about to have a bullish cross. That did not happen for the past 27 days! And we had more than 14 bars on the bottom side, which validates the entry signal.
2. We have a bullish pin bar forming. On a day-candle chart here, that signal is a strongly bullish.
3. We have the lowest registered RSI ever for the XMR/BTC chart. Yes, go back on the chart, never been as low as now.
4. The support has been tested almost everyday for the past 10 days and have hold. Bears have failed here, and it is now time to go towards resistance.
There has been a sharp decline of the trading price for the past 15 days. It seems only logical XMR would go for an upward correction.
Plus, I don't see XMR going down beyond the support with that many bullish signals. We have seen the currency explode at the beginning of the month, and I expect a rally towards at least the white resistance trend line.
Stop loss at 23000 sats to invalidate the prediction.
Please feel free to comment and give me your opinion regarding this.
Best regards,
Greenou.
Trade active
As predicted, a big green candle is now appearing.
The day is only half through however, and let's wait for tonight to validate!
Note
BTC dropping is not helping our cause here, but Monero is holding quite good regarding other cryptos with many reaching -10%.Hold tight! Stop loss far from being reach.
Trade active
Monero chart has formed a wedge (validated with the 2 bouces on each side).
That is usually a continuation pattern of before the wedge, which could mean a huge dump for the next 3 hours.
With the current market and BTC goign down towards 6k (and I think 3k afterwards), lets tighten the stop loss at 24150 sats :) That would also means if stop loss is triggered, we sell at our entry price.
Trade active
As announced (previous comment) :)
However, I've decided to keep my original stop loss and so I am still in that trade.
On the 1H chart :
* We had a false breakout of the wedge and the last hourly candle is a hammer
* Sell volumes are starting to get lower (some people really wanted the price to go down for the past 5 days, with huge sell volume, but bulls fought with rage)
On the 1D chart :
* We are seeing a bullish hammer appearing. Lets hope it stays that way until tonight!
* MACD has crossed bullish, here we are
* RSI starting to go upwards
This weekend will be crucial, let's wait!
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