MONERO has had a wonderful rally from about 160$ to actually 275$ (+70%). I think we´re now in the proximity of the next turning point.
A) the ascending trend channel is very steep - and such movements don´t last for long
B) EW shows we´re already in wave 5 (motive) - and wave 5 could be a shorter one
C) we´re not far away from the long desending trend line (red) - last time wave 5 was finished when it had reached this line - this could happen again
D) also there are several resistances (fib retracements)
I would be prepared that Monero changes the direction and would head to lower prices. So long as the sentiment in whole market is positive the correction wouldn´t be strong.
To give positive signals MONERO had to break the long descending trend line and should stay above.
Indicators:
RSI at the limit to overbought zone - but still some space left
MACD positive, trigger about signal and climbing.
Volume: losing strength - momentum is lacking
immediate stop:
If Monero plumps out of trend channel and breaks long fib retracement at 38.2% (235$)
A) the ascending trend channel is very steep - and such movements don´t last for long
B) EW shows we´re already in wave 5 (motive) - and wave 5 could be a shorter one
C) we´re not far away from the long desending trend line (red) - last time wave 5 was finished when it had reached this line - this could happen again
D) also there are several resistances (fib retracements)
I would be prepared that Monero changes the direction and would head to lower prices. So long as the sentiment in whole market is positive the correction wouldn´t be strong.
To give positive signals MONERO had to break the long descending trend line and should stay above.
Indicators:
RSI at the limit to overbought zone - but still some space left
MACD positive, trigger about signal and climbing.
Volume: losing strength - momentum is lacking
immediate stop:
If Monero plumps out of trend channel and breaks long fib retracement at 38.2% (235$)
أغلقت الصفقة: تم الوصول للهدف
Monero has reached the top of wave 5 and has already entered the corrective wave A
ملاحظة
correction:not only wave A but also wave B, which could lead the price to fib retracement (dotted) and then into wave C
(this will be a new analysis)
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إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.