BINANCE:XMRBTC
A nice little example of a textbook descending wedge pattern reversal on the 1h chart here with Monero. Over the last few days I thought it might be a little triple top but given the fact that it's bounced off the 0.008200 area of resistance several times while slowly starting to make slightly higher lows, I'm putting my cards on a descending wedge.
On top of that being the technical side seen through the chart, the fundamental side of Monero potentially hitting a little bit of a rally here is due to it's inherent privacy and decentralization aspects. The whole crypto community is in the spotlight recently with regards to rules and regulations, Libra, governments trying to "ban" bitcoin, and so on. Without a doubt some of this news is hitting the ears of people on the outside who want to get in so naturally with Monero's privacy factors this could lead to an increase of interest and thus further confirming the technical indicators.
Waiting for more of a confirmation of the breakout would see a person buying in at slightly above the 8200 sat resistance level. With a stop around the 7800 area. And a take profit around the 8600 or even the 8500 level to be a bit more conservative.
In summary:
XMR/BTC descending wedge forming - indicators being the shape of the trend itself as well as the uptrend RSI divergence
Confirmation Buy Area: ~0.008200
Stop-Loss: ~0.007800
Take-Profit: ~0.008500 - 0.008600
Possible Time-Frame: 1-4 days
Big round numbers for ease of explanation and those would be my conservative numbers.
This is not financial advice and this is my first attempt at publishing something. Any feedback would be highly appreciated!
Cheers.
A nice little example of a textbook descending wedge pattern reversal on the 1h chart here with Monero. Over the last few days I thought it might be a little triple top but given the fact that it's bounced off the 0.008200 area of resistance several times while slowly starting to make slightly higher lows, I'm putting my cards on a descending wedge.
On top of that being the technical side seen through the chart, the fundamental side of Monero potentially hitting a little bit of a rally here is due to it's inherent privacy and decentralization aspects. The whole crypto community is in the spotlight recently with regards to rules and regulations, Libra, governments trying to "ban" bitcoin, and so on. Without a doubt some of this news is hitting the ears of people on the outside who want to get in so naturally with Monero's privacy factors this could lead to an increase of interest and thus further confirming the technical indicators.
Waiting for more of a confirmation of the breakout would see a person buying in at slightly above the 8200 sat resistance level. With a stop around the 7800 area. And a take profit around the 8600 or even the 8500 level to be a bit more conservative.
In summary:
XMR/BTC descending wedge forming - indicators being the shape of the trend itself as well as the uptrend RSI divergence
Confirmation Buy Area: ~0.008200
Stop-Loss: ~0.007800
Take-Profit: ~0.008500 - 0.008600
Possible Time-Frame: 1-4 days
Big round numbers for ease of explanation and those would be my conservative numbers.
This is not financial advice and this is my first attempt at publishing something. Any feedback would be highly appreciated!
Cheers.