Though XMRUSD is trading inside a descending triangle, which is a bearish formation, the lows of about $150 have held since end-December of last year. Currently, the cryptocurrency is making a move higher after finding support at $161 on April 06 and 07.
We can expect the current move to reach the downtrend line of the descending triangle, which should be just above the $310 mark. If this is crossed, then the next move should be to the $374 mark.
The 50-day SMA has not provided any resistance previously, hence, I don't expect it to be a major hurdle this time too.
So, a long position at the current levels of $203.38, with a stop loss of $148 can be taken. At this point of time, looks like we are getting into the position early, closer to the bottom.
We can expect the current move to reach the downtrend line of the descending triangle, which should be just above the $310 mark. If this is crossed, then the next move should be to the $374 mark.
The 50-day SMA has not provided any resistance previously, hence, I don't expect it to be a major hurdle this time too.
So, a long position at the current levels of $203.38, with a stop loss of $148 can be taken. At this point of time, looks like we are getting into the position early, closer to the bottom.