Monero formed a HVF pattern on the daily with targets: 477 & 585 , and is now having decreased volatility inside the parallel channel. Breakout of this channel will come with force, but since this pattern can break either way, it is important to open a position on the following condition:
1. Only open position when it breaks up.
2. When it breaks up we are going to look for a 15min close above the parallel channel. It's also important that the full candle body is above the parallel channel. It is allowed to wick through but not close or open beneath the line.
3. If 1 and 2 applies, we wait for a 5min flag, when this flag breaks up we open position with our stop below the bottom of the parallel channel.
Do not forget to sell atleast a little bit at the first target.
Analyses by Cryptomaffia
1. Only open position when it breaks up.
2. When it breaks up we are going to look for a 15min close above the parallel channel. It's also important that the full candle body is above the parallel channel. It is allowed to wick through but not close or open beneath the line.
3. If 1 and 2 applies, we wait for a 5min flag, when this flag breaks up we open position with our stop below the bottom of the parallel channel.
Do not forget to sell atleast a little bit at the first target.
Analyses by Cryptomaffia