XMRUSD: Monero Still Looks Bullish After Three-Wave Correction
Hello traders,
After spike down on Cryptos we took a look on some ALTcoins and saw interesting pattern on
XMRUSD
.
As you can see on daily logarithmic scale chart, Monero still looks bullish despite big correction since December 2017, so seems like five-wave rally is not completed yet.
On 4hour chart we are tracking wave IV correction, which seems to be completed with potential double bottom pattern, ending diagonal into wave C and also very nice and strong support level around 150. So, we expect that Monero will continue it's uptrend into wave V towards 680 level, just keep in mind that Bulls will be confirmed only above 450 level!
On hourly chart we are tracking five waves up into wave 1, which would confirm that bottom of wave IV at 150 level can be in place, so be aware of a three-wave pullback into wave 2 back to around 200-250 level, before continue higher.
If Monero from any reason breaks below 150 strong support level, then we may adjust the view!
After spike down on Cryptos we took a look on some ALTcoins and saw interesting pattern on
XMRUSD
. As you can see on daily logarithmic scale chart, Monero still looks bullish despite big correction since December 2017, so seems like five-wave rally is not completed yet.
On 4hour chart we are tracking wave IV correction, which seems to be completed with potential double bottom pattern, ending diagonal into wave C and also very nice and strong support level around 150. So, we expect that Monero will continue it's uptrend into wave V towards 680 level, just keep in mind that Bulls will be confirmed only above 450 level!
On hourly chart we are tracking five waves up into wave 1, which would confirm that bottom of wave IV at 150 level can be in place, so be aware of a three-wave pullback into wave 2 back to around 200-250 level, before continue higher.
If Monero from any reason breaks below 150 strong support level, then we may adjust the view!
评论:
Hello traders! If you follow us, then you know that we have seen a perfect bounce from projected support on many Cryptos and we can also see first evidences of a reversal! As we already know, cryptocurrencies are in positive correlation, so here on Monero as well we expect higher levels! Just keep in mind that first what we need for bullish confirmation is a break above channel resistance line!
