Once again XMR has bounced off its long term trendline at $122.
This indicates that we are still in a very bullish market and we will likely be test the previous high of $153 again.
As long as we are able to close a candle above the 50% fib level, we should see a steady push of momentum to the first target of $143. This target is historical resistance level which people will likely take profit at.
If we are then able to push through the historical resistance level, I see blue skies until we hit the previous high of $153 again.
If we push through the 50% level and fail to hit the first target, it would be an indication of lack of momentum. This means we would likely retest the long term trendline and I would caution holding long term.
I am hoping for the best here! Wish you all luck!
DISCLAIMER:
Please note I am only providing my own trading information for your benefit and insight to my trading techniques, you should do your own due diligence and not take this information as a trade signal.
This indicates that we are still in a very bullish market and we will likely be test the previous high of $153 again.
As long as we are able to close a candle above the 50% fib level, we should see a steady push of momentum to the first target of $143. This target is historical resistance level which people will likely take profit at.
If we are then able to push through the historical resistance level, I see blue skies until we hit the previous high of $153 again.
If we push through the 50% level and fail to hit the first target, it would be an indication of lack of momentum. This means we would likely retest the long term trendline and I would caution holding long term.
I am hoping for the best here! Wish you all luck!
DISCLAIMER:
Please note I am only providing my own trading information for your benefit and insight to my trading techniques, you should do your own due diligence and not take this information as a trade signal.
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