Price has failed to make a meaningful break below support forming a double bottom. Bullish divergence on the RSI suggests a move north on balance of probability. Nice risk reward set up to watch this coming week.
This pair should provide further upside in my opinion.
1st target is 1.08
A break above this level with a retest and I will be looking for 1.1 on the next move.
Don't buy at market open, wait for a clear entry.
We have now once again reached pre-covid price levels after trending steadily up since march. I believe we're due a down leg. Price has twice been rejected at 142 and the first bearish signs are showing. I will be looking for potential sells either at the highlighted right shoulder (should the pattern play out) or with a third rejection around the 142 key level.
Monero had a nice bounce off my 0.786 fib level and the daily trend line continues to hold as support. Volume has been steadily increasing and BTC dominance is experiencing some temporary weakness which has seen alts making nice gains.
On the back of some Dollar strength we can see a clear break of structure on the 4H timeframe forming lower highs and lower lows.
I'm still bullish on this pair as the current larger trend remains to the upside, however I do expect a pull back to the highlighted area before a resumption.
This is a key area as it was the 2017 swing high and has not been revisited...
The weekly trendline shown has held as solid support since late November, however after a strong rejection at the key 1960 level and very little bounce back I expect to fall slightly below into the highlighted supply zone.
Should price hold at these levels I will look for longs targeting 1960.