XMR/BTC Long Looks primed to pump or is it a trap... You decide!
Here we have a long gain for XMR/BTC Buy area is .014 through .0122 range (Blue Box) We see support test that bottom trend line multiple times
Also look at the similarities on the RSI (blue boxes) First major run up just barley touched the RSI level in Feb and then again in Aug…. Then we see a change in the indicator pattern in and around October where it goes below RSI and bounces and touches lows 3 times…and current RSI has broken below RSI and so far bounced 2 times with a 3rd on the way.
I will be placing buys in and around the .014 range and lower maybe even a few below the trend line and wait while also setting stop loss.
HOWEVER If you look at the whole chart it looks like a massive slightly wonky head and shoulders (not a perfect one but slightly you can make one out) …which if it is then we could see XMR dump well below .01
Good Luck Trade smart!
Also look at the similarities on the RSI (blue boxes) First major run up just barley touched the RSI level in Feb and then again in Aug…. Then we see a change in the indicator pattern in and around October where it goes below RSI and bounces and touches lows 3 times…and current RSI has broken below RSI and so far bounced 2 times with a 3rd on the way.
I will be placing buys in and around the .014 range and lower maybe even a few below the trend line and wait while also setting stop loss.
HOWEVER If you look at the whole chart it looks like a massive slightly wonky head and shoulders (not a perfect one but slightly you can make one out) …which if it is then we could see XMR dump well below .01
Good Luck Trade smart!