Monero is currently in a large flag pattern on the daily chart as well as a tighter one on the 4hr. It is also in a relatively flat parallel channel. I will be looking to enter a long trade on a strong break of the channel or a close to the upside, and similarly looking at a short with similar requirements to the downside.
I will assess appropriate levels for stops as the chart progresses and support/resistance levels become more clear.
I would say these options will take a while to play out and there are other shorter term trade options, but personally, besides range trading inside the channel, I would like to see it make a much stronger move than it has done lately before I enter into a more serious position.
I will assess appropriate levels for stops as the chart progresses and support/resistance levels become more clear.
I would say these options will take a while to play out and there are other shorter term trade options, but personally, besides range trading inside the channel, I would like to see it make a much stronger move than it has done lately before I enter into a more serious position.
Note
4hr chart:Loose flag with descending channel. Looks like volumes are weak with not much buying support. Hopefully as/if BTC calms down we will see some action return to alts.
Note
Daily Chart:Still in a descending channel, broken bottom of support zone but bounced off 78.6% fib retracement level. Normally I would be setting up to enter a short if it breaks below the fib support level, but due to the current market I wouldn't be surprised to see money rushing back from BTC to other crypto after tomorrows fork. If only for a short time before the next one...
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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.