Monero has been a megabull of late, making some long overdue moves to solidify itself as one of the premiere alt coins. Based on previous patterns this could continue in the coming weeks. Chikou span is still way above. RSI is strong but the Stoch seems to be finally coming down a bit (we saw some consolidation today below 0.03, but it bounced back quickly. I expect the trendline to maybe touch the bottom of the flag once more but then ride the upper line until a breakout. Keep an eye out for some more consolidation and try to get in low.
a common tradering rule is to trade the first wave/flag, the second maybe but the third almost never. What is the r/r for the third wave? if it happens then it may just be small bulltrap/long exit opportunity. The real, simple news are long priced in double since start of flag 1
@Brisben, hello:)
what do you think about broadening wedge now? mildy reminding that wave 2 is less sustainable than wave 1
good to trade the broadening wedge already, if modest, SL $150 and closing with some profit within 1-2 days. But maybe already keep a bit for weeks with far SL
Brisben
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@fineregex, It's an interesting perspective that has merit. I'm day trading in small volumes so a big drop means nothing to me. I'll just buy more when it's low. I hope your chart plays out :)
dackintrit
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It's in downtrend now. can it do a trend reversal?
dackintrit
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I'm curious about your further opinion :)
Brisben
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@lsw2920, It's in short term downtrend. Longer term is still up trend (yellow line). It is establishing nice support at bottom of flag. If BTC stabilises XMR should go up a bit. If BTC continues to spike I think it will drop for a while.
fineregex
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a common tradering rules is trade the first wave/flag, the second maybe but the third almost never. What is the r/r for the third wave? if it happens i may just be small bulltrap/long exit opportunity. The actual new are long priced in double sine start of flag 1