Considering the is indicating an upcoming uptrend, we might see another push, which I expect to be VERY short-lived.
We have a death cross (red arrow) forming as the 50 (blue) is moving down below the 200 (green) which generally indicates a VERY weak trend.
Additionally, ALTs are suffering directly from BTCs downtrend.
Since Bitcoin has not hit its bottom yet and is very likely to go for another run at the $9,2k support pretty soon, we can expect XMR to move similarly, going as low as $235 again.
My buy order will be at around $235, where I expect XMR to bounce back up. (The lower (black) will be a very strong support)
Anything can happen however, which is why we should keep an eye on both BTC and XMR movement and stay adaptive with our trades.
Summary: XMR is very likely to hit its previous low from wednesday again, which is a strong and therefor makes for a good buyzone.
Note: The blue arrows neither indicate any timeframes, nor any exact price levels. Their only purpose is to show general movement.
This is no financial advice and only for educational purposes.
We WILL see another drop of XMR, so exiting right now is also very likely going to result in a successful trade.
Again, the market IS very volatile and we always have to be prepared for the unexpected.
Do not blindly follow my advice. I only want to point out trading opportunities, take them at your own risk.
It's probably best to stay safe for now and wait it out.
Regardless of wheteher we are gonna see a push up in the next few hours or not: Another drop is almost inevitable, so waiting for a lower point to buy in will definitely be worth it.
The short push seems over and we are heading downtown currently.
Let's wait and see what happens after the futures run out.
The $290 resistance (red-dotted line), which I had not included in the main post, did not break once again. Once we breach below it, we will see our move down to the black lower trendline.
Patience is the key.
This is the 4h chart btw.
Stopped the trade from here and will wait for further movement.