monero long resistance to resistance

20 thg 8, 2020

ath volume on binance for xmr, building up steadily for a year+ - doesn't appear parabolic yet for exhaustion on at least large tf
hugging 100 level above and below at times today and - sign of resistance weakness
100 level was touched 4+ times on yearly
broke both 2020-2 and 2019-8 highs today on volume for year ath, unbroken is the 2019-6
this completed forming the year wide double bottom & broke through
ascending triangle with break on volume
measured move for triangle is roughly at that unbroken level
measured move for double bottom is beyond that level so seems higher prob
level is inside blue channel
bull div on daily rsi
macd might cross (matters if people watch)
HH & HL
Not sure how it will react to Bitcoin moves, it handled well recently similar to Eth
3rd most developed coin today without centralizing premines and other unethical practices
afterward likely will backtest this level, midlevel, or yearly pivot
since overall crypto market is now in bull season i will only be taking long positions or staying out

the weakness of the level suggests even if doesn't break today should be back at it in weeks-months, but 4+ touches/breaks seems like a lot already

21 thg 8, 2020

Ghi chú

bitcoin ruined monero pump - it has weird history with pumping last and often getting stopped by bitcoin panics.

I'd need to see a close above 100 on at least 12hr to re-enter soon, stop under if need be.

after playing within the red channel (or very cautions triangle-turn-to-channel target) at top and buying the backtest, price fell through and i exited when the support was tested from below as resistance at advice. This resistance will fall - high probability - was uncertain if it will be on hourly and daily and with rejection on almost closed daily candle best wait to see if close above or larger triangle drawn.

bitcoin, if wicks can go to any range, lowest I'd guess is yearly pivot is as low as 8.5k, 9.5k strong support, 10.5k retest iH&S breakout and bear market channel backtest - that's up to ~30% retrace which would bring monero to its yearly pivot. monero bear channel goes deeper than bitcoins and it's less liquid which makes it dangerous to catch knives. Plan is it wait to see if monero goes back beyond the resistance we broke & stays there long enough to close or to scale in small increments on every red day. especially any double digit % red days. I could see a larger triangle being drawn.

9 thg 11, 2020

Ghi chú

seems there was another test of the ~$100 resistance later with a larger triangle that broke through and now is backtesting that resistance hopefully turn support. I opened a follow up long here with mental exit below



I suspect the $100 support might play out similar to strong support 10k proved on Bitcoin and xmr has been following Bitcoin pretty closely with a delay that hopefully can be an edge