XMRBTC trade ideas
XMR/BTC Descending WedgeHi guys!
As you can see on the diagram, a monero shapes a descending wedge. You can see the end targets thanks to the Fibonacci indicators.
That is not financial advice!
Have a nice trade!
XMR/BTC Higher low playXMR has got some weekly bullish divergence, and is keeping higher lows. It looks like it's completed it's ABC correction, and is ready for a reversal.
Monero's move to 0.1History doesn't repeat, it rhymes. Will the market rhyme for Monero once more? If so, target of 0.1 may come to pass.
ALTS going to outperform BTC? XMR chart is a good example of building a big long-term position.
Price action is much smoother that it used to be.
XMRBTC has completed the bullish setup|up-to 254% profit expecteThe price action is moving within a pennant and it has also completed the formation of gartley pennant. At this time the priceline has touched the support of the pennant and also entered in potential reversal zone of gartley pennant. The MACD has also given weak bullish signal. Now the price action will take bullish divergence from here insha Allah.
The targets are:
Buy between: 0.01418328 to 0.00839000
Sell between: 0.01877468 to 0.02975743
Regards,
Atif Akbar (Moon333)
Monero Analysis (XMRBTC): Intraday Timeframe Chart PatternsConclusion for today’s Monero Analysis (XMRBTC): Price closing above ~0.01179518 implies resumption of the current bullish swing from May 13, 2019.
The 1 hour timeframe of Monero (XMRBTC) is presented using a log scale. Price action covered focuses on the bearish price channel to current date. A break out with XMRBTC closing above the upper boundary of the channel provides evidence for a termination of the current downtrend.
In addition, sideways price action has followed the channel with the formation of a symmetrical triangle (coil) reflecting a balance in power between XMRBTC bulls and bears. Of important note is the presence of a pennant structure inside of the symmetrical triangle. This is acceptable as a formation as chart patterns naturally can nest inside of one another.
The pennant is ideally a continuation pattern suggesting that the previous trend should resume upon completion (or confirmation) of the chart pattern, and in this case, bullish. Horizontal lines of support and resistance boundaries are also indicated on the 1 hour timeframe with a close below 0.01012464 indicating resumption and bearish strength.
The most conservative entry into a long position therefore involves buying Monero on a break above the uppermost boundary of intraday resistance at ~0.01179518. Buying on a break immediately after a break of the pennant to the upside is considered less conservative as it anticipates a break above resistance and therefore resumption of bullish momentum.
XMR-BTC Long Trade PlanCommodity : MONERO
Trade Type : LONG
Trading Against : BITCOIN
Entries : Double-UP Entries throughout the Buy Zone
Profit Taking : 25% at each TP point.
Profit Locking : Move SL to break even once TP1 is hit, to TP1 once TP2 hits, to TP2 once TP3 hits and so on
Duration - 1-2 weeks
