Disclaimer: I'm a noob and this is not financial advice!
After an immensely brutal sell-off vs. BTC over the last weeks XMR is now sitting at what should be strong weekly support and trendline from the very bottom, as well as the golden pocket area from bottom-to-top fibs.
If price regains and successfully retests the weekly 50 MA at ~ 0.0078 I'd consider taking a bigger swing trade here, that can be cut close by if the weekly support and trendline is lost definitely.
Low risk, high reward if you have a few months patience.
Of course the Corn makes or breaks this right now.
Fundamentals for XMR become stronger every day, transaction count all time highs day after day, still the same huge and dedicated grassroots community.
A decent bet in my opinion.
Critical comments welcome!
After an immensely brutal sell-off vs. BTC over the last weeks XMR is now sitting at what should be strong weekly support and trendline from the very bottom, as well as the golden pocket area from bottom-to-top fibs.
If price regains and successfully retests the weekly 50 MA at ~ 0.0078 I'd consider taking a bigger swing trade here, that can be cut close by if the weekly support and trendline is lost definitely.
Low risk, high reward if you have a few months patience.
Of course the Corn makes or breaks this right now.
Fundamentals for XMR become stronger every day, transaction count all time highs day after day, still the same huge and dedicated grassroots community.
A decent bet in my opinion.
Critical comments welcome!
Comment:
So it regained the 50 weekly MA for the weekly close only to be slammed down again by the usual Binance bearwhale. Now creeping along at support. I will wait for a trend change on lower time frames, then reasses.