MoneroLong
MONERO not far away from next turning point
Updated
MONERO has had a wonderful rally from about 160$ to actually 275$ (+70%). I think we´re now in the proximity of the next turning point.
A) the ascending trend channel is very steep - and such movements don´t last for long
B) EW shows we´re already in wave 5 (motive) - and wave 5 could be a shorter one
C) we´re not far away from the long desending trend line (red) - last time wave 5 was finished when it had reached this line - this could happen again
D) also there are several resistances (fib retracements)
I would be prepared that Monero changes the direction and would head to lower prices. So long as the sentiment in whole market is positive the correction wouldn´t be strong.
To give positive signals MONERO had to break the long descending trend line and should stay above.
Indicators:
RSI at the limit to overbought zone - but still some space left
MACD positive, trigger about signal and climbing.
Volume: losing strength - momentum is lacking
immediate stop:
If Monero plumps out of trend channel and breaks long fib retracement at 38.2% (235$)
A) the ascending trend channel is very steep - and such movements don´t last for long
B) EW shows we´re already in wave 5 (motive) - and wave 5 could be a shorter one
C) we´re not far away from the long desending trend line (red) - last time wave 5 was finished when it had reached this line - this could happen again
D) also there are several resistances (fib retracements)
I would be prepared that Monero changes the direction and would head to lower prices. So long as the sentiment in whole market is positive the correction wouldn´t be strong.
To give positive signals MONERO had to break the long descending trend line and should stay above.
Indicators:
RSI at the limit to overbought zone - but still some space left
MACD positive, trigger about signal and climbing.
Volume: losing strength - momentum is lacking
immediate stop:
If Monero plumps out of trend channel and breaks long fib retracement at 38.2% (235$)
Trade closed: target reached
Monero has reached the top of wave 5 and has already entered the corrective wave A
Note
correction:not only wave A but also wave B, which could lead the price to fib retracement (dotted) and then into wave C
(this will be a new analysis)
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