Here we have Monero/Bitcoin, on the 1D chart.
At present, price retested sideways channel resistance, the 200 major moving average and a channel support turned resistance. There is a lot of localized resistance here indicating a short term down move will take place, before an eventual up move.
Despite price being under heavy resistance, I believe the down move to be short and temporary. When I looked further back at price action on the chart, I noticed price has massive levels in the surrounding area. I expect these to trap price to an extent for some time.
This trade could play out in 2 ways, I have outlined them below
-Price breaks the primary support 0.16350000 level. This will then enable a downside correction move before the expected upside begins. I would prefer to see price hit anywhere within the entire before the up move, but this isn't a must.
-Price breaks resistance and moves to around 0.02100000 level (The previous swing high). If this up move prevails, I believe it will be short lived and begin a correction back to the mode price, but if does continue to rally, the price will stall at 0.0310000
Bare in mind price is in a massive area of structural levels (Due to massive mode price before the initial rally beginning in August.
I am excited to see how this trade plays out.
I will update this analysis as the trade progresses.
In the related ideas, I have posted my other Cryptocurrency ideas. Please leave a like and comment, it would be highly appreciated.
Feel free to connect with any questions or queries.