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Thursday, August 20, 2020

monero long resistance to resistance

monero long resistance to resistance


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)
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

from Trading Ideas
via gqrds

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