Hi friends! Let's take a look at Monero! Looking at the four hour chart, we can see that XMR continues to fall from the area where I issued my first "warning post." Since then, XMR has had a 25% decline. That is incredibly valuable analysis. We can see that a bear flag was formed, which has broken to the downside, but price hasn't produced a sustained drop from the flag. Instead, we can see that it has fallen into a trading range, as it continues to test the bottom of the 38.2% retrace, and the top of the dashed red support level. The 50 EMA (in orange) is falling toward the price action, and it may continue to act as resistance. As you can see, XMR has also formed a symmetrical triangle (in green.) The bottom side of the triangle has been violated, which decreases it's supportiveness. Currently, it appears that XMR will produce a breakdown from the triangle, and head down to retest the red dashed trendline. If that level falls, the 50% retrace will be the next level of support, followed by the bottom of the pink channel. Overhead resistance is far more substantial. We have the 38.2% retrace, which is converging with the 50 EMA, making it stronger as a resistance level, we have the 200 EMA (in purple,) the then the top of the symmetrical triangle. The path of least resistance, remains to the downside.
This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-MPC loves you-
-JD-
This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-MPC loves you-
-JD-