XMRUSD - Technical Analysis October 11, 2017 - Current Price $88
XMRUSD
The last time we were looking at XMRUSD we were monitoring a wedge formation occuring on the daily time frame and this has been yet another example of why patience pays. If someone acquired a position with the intent of flipping it, well, this is what is known as dead money.
However, the APEX of the wedge formation is fast approaching and we like the setup on the daily timeframe.
daily
A simple wedge formation can be drawn on the daily time frame with a horizontal base which has created a support which has been tested multiple times... 9 time to be exact, each time the buyers showed up and this is what the bulls are looking for again. Resistance on the daily time frame is currently the 68ema, $87.53.
In the previous previous post I suggested that the price was bearish below $87 and we can see the price had dipped as far as $82 since then before the bulls bought it back into the wedge. This previous low will be a critical area of support that should the wedge fail, bulls will need to hold $82 or a test of the 170dma ($60) will be likely.
4 hour
Something cool to make note of is the downtrending 170dma and how it aligns nearly perfectly with our wedge trendline resistance. The 170dma on the 4 hour time frame will be especially hard, but especially important to reclaim as support and would be demonstrative of price progression.
This recent decline did force a bearish moving average cross, the 170dma (green) below the 340dma (purple) and a push above this level will make way for the daily pivot, $103.
The stochastic RSI on this timeframe has delivered a bullish divergence and is slowly trending up, continud buying here will draw the RSI and MACD up along with it for a test of the Trendline and 4 hour pivot, $90 and $91.
1 hour
The 1 hour time frame is showing a stochastic RSI that has reached uptrend and may signal a dip buying opportunity and we would look for a backtest of the 30ema ($87.27) up to S1 pivot ($86.26) on this time frame.
True price progression will occur with a test and break above the trendline which will likely be followed up with a backtest of the trendline, confirming it as support -- a possible opportunity to enter a confirmed breakout if the bulls have their way.
Bullish Above: $95
Bearish Below: $82
RISK TRADE: Long here scaling in all the way to $86 looking for a test of the 4 hour pivot, $90, and the trnedline, approximately $91. Set stop loss below trendline support.
Don't forget to use stop losses!!!
Previous Articles:
ETHUSD
NEOUSD
BTCUSD
DASHUSD
ZECUSD
XMRUSD
LTCUSD
Follow at your own risk, Not a financial adviser, understand the risks associated with trading and investing. Manage your own Risk - in other words you could lose it all and it's your own fault.
Nice! How did you learn about the charting techs... I am pretty new to the cryptos but like this coin too!
Followed :)
I learned over a long time, always reading. Investopedia is an excellent resource to learn terminology and chart patterns.
That's a pretty accurate analyse ! I'm impressed monsieur. I will keep an eye on your other post =)
Madam! LOL Charting can be incredibly accurate and trading using Technical Analysis is a function of knowing your levels.
Oups ! Apologise Madam ! =D
Indeed, I need to learn how to use Fibonacci a bit better than I do
I like Bollinger bands, MACD and volume to check out for a trade
Nice post..good cryptocurrency
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