XMRUSD

XMRUSD

After breakingout from a resistance at around 153usd, and making a new ATL of $474 on the 20th of December 2017, pulled down back to touch the same resistance that has turned to strong support level at $153.
a rejection wick dropped down , but held at the same support level.

On the daily chart, there is a large active double bottom bullish reversal pattern known as the Adam (V) and Eve (U).
The shape of the pattern typically has two distinct valleys that differ in shape and together hold a descending volume profile.
The long entry occurs after pattern completion on the breach of horizontal resistance with high volume at $368,  
The pattern yields a 1.618 fib and measured move between US$587 and US$690.

TECHNICALS suggests that price is current holding up ro complete the U (eve)

VERDICT:

BUY: set a buy limit at $330 or buy at the current price and hold.

SELL: $587 - $690

STOP LOSS: $188

 

Disclaimer: This is for educational purposes,it is not intended as a financial advice.
The analyst won't be responsible for a loss of fund. Trader should be able to manage risk.

$COV HODL

 

 

Trade Ideas
View all