$XMR is looking bullish, as money is starting to flow back into blue chip altcoins and Bitcoin is nearing a major psychological barrier at $10k. Based on fib extensions (2.618), My USD target for Monero is $420. Blaze it.
As XMR has a small pullback from its strong upward trend it prepares for wave 5. The pullback was relatively small compared to the Fib levels expected (0.382) in a wave 4. It was stopped at the previous high (132) before it stabalized a bit. On a four hour chart we can see a cup and handle pattern forming itself which could indicate just the right bullish...
XMRUSD is breaking out of a perfect cup and handle pattern that has been developing for a few months. The projected advance (after measuring the distance from the right peak of the cup to the bottom of the cup) gives an upward projection of $201.
It seems that XMR had a healthy pullback which could possibily be the second Elliot wave (0.618 retracement) and is now going for its 3th wave. Based on Fibs and previous highs, strong resistance expected at at the blue box area. If break through previous high (132), 147 EURO would be next target for XMR. RSI seems ready to support upgoing trend.
As we see the chart is currently moving in a sideways direction. It is a good situation to enter a swing trade. This is a 4hs chart the trade could run over several days. The breakthrough of the Symmetrical Triangle may lead to a new upward trend.
After recent developments, its obvious that risk management is everything. "spreading risk" over multiple currencies might just be an illusion.
Monreo is now at fibo 0.786. I think we are not at the bottom. In expectation of the general trend-reversal - imo - it will go up. Let's see what happens. Happy trading. :-)
If it breaks up, expect massive gains! Vice versa for if it breaks down haha. I'll post TP and other updates soon. Let me know what you think!
Looks like XMR EUR will pump soon, likely to test the previous structure highs of 50EUR.
As we know, XMR has been down for a few weeks, BTC is on the upside, I will place a buy position around 0.012
This is your last chance to SHORT. This H&S will play out as it happened in September 2016 and we'll go all the way down to 0.011. Don't make the mistake I did at that time. I bought at 0.023 in September and became a bagholder until this month. I finally sold at 0.024 and took a very small profit. I did learn TA meanwhile so bagholding was definitely worth it,...