MoneroLong
The Big Monero Analysis you've been waiting for is here!
Hey guys! I hope you're all doing great and gained some nice profits in the last bullrun. Some of you (including me) might even be in a short position right now. The world of Crypto is definitely crazy, but isn't that the reason why we're here?
Let's get to my TA for Monero!
On the daily chart you can see, that after the failed breakout of the H&S pattern which many other coins printed as well, we are now in another reversal patter called the rounding bottom or saucer bottom.
We're currently fighting with the bears since the RSI and other Indicators give bearish signals. Obviously we have to retrace before we can continue the uptrend and a healthy correction is necessary now. Nevertheless it won't stop us from seeing higher highs and higher lows.
Another confirmation for this pattern is the volume, which formed a rounding bottom as well (lower white line).
Here is the deal:
Monero needs to break through the resistance at 379 USD. Once that happens on high volume the minimum price target is 597 USD. The price target of a sauce bottom is taken by measuring the lowest point of the "bowl" to the resistance and adding the same distance right above the resistance, where the chart breaks through.
Good luck trading everyone! If you like my TA give me a like, comment below and leave me with a follow.
M.S.
Let's get to my TA for Monero!
On the daily chart you can see, that after the failed breakout of the H&S pattern which many other coins printed as well, we are now in another reversal patter called the rounding bottom or saucer bottom.
We're currently fighting with the bears since the RSI and other Indicators give bearish signals. Obviously we have to retrace before we can continue the uptrend and a healthy correction is necessary now. Nevertheless it won't stop us from seeing higher highs and higher lows.
Another confirmation for this pattern is the volume, which formed a rounding bottom as well (lower white line).
Here is the deal:
Monero needs to break through the resistance at 379 USD. Once that happens on high volume the minimum price target is 597 USD. The price target of a sauce bottom is taken by measuring the lowest point of the "bowl" to the resistance and adding the same distance right above the resistance, where the chart breaks through.
Good luck trading everyone! If you like my TA give me a like, comment below and leave me with a follow.
M.S.
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