XMRUSD - Technical Analysis September 28, 2017 - Current Price $97
XMRUSD
Looking at XMRUSD for a bullish confirmation of the descending wedge breakout.
daily
A very clear descending wedge had formed on the Monero daily chart and just in the last 2 days has managed to push towards the upside. Currently, the price consolidating on the 30ema. Holding this level and bouncing would be very conducive price action and we would look for a higher high.
Note the Stochastic RSI and MACD are both fully cycled and volume could drive a bullish divergence in each indicator. The RSI is in a neutral zone, also productive to the current chart formation.
4 hour
Though the stochastic RSI has just hit uptrend, Monero found support at the 4 hour pivot and is currently working on breaking into the ichimoku cloud which will drive a bullish moving average cross, the 30ema above the 68 ema.
1 hour
On the 1 hour time frame a tight range has formed between the 30ema and 68 ema, price consolidation. This can be viewed as a bear flag give the decline that led to this range. Notice the Stochastic RSI has fully cycled on this time frame to reach downtrend.
We will be looking for volume to drive a bullish MACD cross here and drive the price higher for more bullish moving average crosses.
Bullish Above: $100 is psychological resistance, very bullish above $106 the 170dma on the 4 hour time frame.
Bearish Below: $93
RISK TRADE: Accumulate long position, sell if price falls below $90-87
Previous Articles:
LTCUSD
U.S. Dollar Index
ETHUSD
Bitcoin
Follow at your own risk, Not a financial adviser, understand the risks associated with trading and investing. Manage your own Risk - in other words you could lose it all and I could give a fuck.
thanks for share
I read Monero was being underappreciated and then it grew pretty quickly to $134 IIRC so I see it went a bit down but it shoud be a pretty good coin. Even more so with the China ICO and exchange crackdowns. Aaand good to see you again @Satchmo :)
Thanks my little hazel nut! Yes im intrigued more by zcash than monero but i have been watching and trading XMR
Ah you're so sweet :D Zcash huh and what about Zcoin? @kingscown wrote that it was undervalued (I'm in his mailinglist but I'm a noob at trading).
ZCash outperforms eth always, its getting press attention, I charted it just yesterday and will re-eval in a couple days.
Good to hear, I liked the project from the start but it didn't seem to gain much traction. It's weird how the good coints seem to take longer to be appreciated.
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Thank for sharing. can be a good benchmark for trading.
Why are you downvoting my projection of Monero to $260 target? Why not just simply comment any disagreement? What's your beef? I'm posting again:
XMR Target $260, the broadening pattern below shows a very aggressive bull run is about to happen.
i didnt downvote, someone views you as a spammer obviously (-.-)/
to be honest you could just make a post about your TA rather than trying to hijack mine....
furthermore i dont appreciate the unfounded allegation, check your steemd.
My apologies!
Monero Target $260:
Why is this being downvoted?