Timeframe: 60M
Main Scenario: The price has increased aggressively on the short term and has managed to jump above the 50% Fibonacci line of the ascending pitchfork and of the descending pitchfork. XMR/USD dropped again in the last hour and erased some of the impressive gains. The perspective will remain bearish as long as the rate will stay within the descending pitchfork's body and if it will drop below the lower median line (lml) of the ascending pitchfork.
Alternative Scenario: A further increase and a valid breakout above the UML of the descending pitchfork it will signal a further increase in the upcoming period.
Entry/Stop Loss/ Take Profit: You can go short if the rate will make a valid breakdown from the ascending pitchfork, from 119.292 level and you can place the Stop Loss at 131.021. The Take Profit could be placed at 95.833 level.
Duration: 2-3 days
Consolidation/Ratification level: You can drag the Stop Loss below the opening price if the rate will make a valid breakdown below the inside sliding line (sl1) of the descending pitchfork.
Warning Level: A valid breakout above the UML or above the 50% line of the ascending pitchfork will invalidate a potential drop.
Risk Management: Risk/Reward Ratio: 2
Main Scenario: The price has increased aggressively on the short term and has managed to jump above the 50% Fibonacci line of the ascending pitchfork and of the descending pitchfork. XMR/USD dropped again in the last hour and erased some of the impressive gains. The perspective will remain bearish as long as the rate will stay within the descending pitchfork's body and if it will drop below the lower median line (lml) of the ascending pitchfork.
Alternative Scenario: A further increase and a valid breakout above the UML of the descending pitchfork it will signal a further increase in the upcoming period.
Entry/Stop Loss/ Take Profit: You can go short if the rate will make a valid breakdown from the ascending pitchfork, from 119.292 level and you can place the Stop Loss at 131.021. The Take Profit could be placed at 95.833 level.
Duration: 2-3 days
Consolidation/Ratification level: You can drag the Stop Loss below the opening price if the rate will make a valid breakdown below the inside sliding line (sl1) of the descending pitchfork.
Warning Level: A valid breakout above the UML or above the 50% line of the ascending pitchfork will invalidate a potential drop.
Risk Management: Risk/Reward Ratio: 2