velmunis

XMRUSD-monero coin head and shoulder+rising channel

Short
BITFINEX:XMRUSD   Monero / U.S. Dollar
XMRUSD
After reaching the 100.00 level the price got rejected and formed a head and shoulder pattern has formed. 98.415 is a major resistance level for the bull

Right shoulder was formed on September 01 and felled up to 74.400 level which is a low volume area and bounced back. And formed series of HH HL HH HL in rising channel . As we see the bull has losing its strength.

Currently the price is trading above 50,100,200 exponential moving average . And Ichimoku cloud is acting as support for the minor bullish run. At the time of writing this idea minor bearish engulfing candle is forming at 4 hr timeframe

It has reached the minor trend line which will support the minor upward moment until 98.400.From this level we can sell this crypto and the subsequent targets will be 90.000 comes with 50% Fibonacci and 81.000 comes with 78.6% Fibonacci retracement level. And the swing target will be 74.00. Stop lose may placed above the 100.00 level
This will give as a 1:12 risk reward ratio

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Trade active: XMRUSD is approaching 50% fibo which is a primary target

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