XMRBTC 4hr Binance - Breakout soon? SOS TA Friday April 10 2020
XMRBTC 4hr Binance - consolidation breakout setup
- Monero recently broke out of its downtrend and market structure has changed it is now in an uptrend.
- At the moment price is ranging between the 4hr support and resistance as it approaches the current trend.
I will be looking for the breakout either way, a move up and out above 0.008127 targeting 0.008680
or alternatively a breakdown from 0.007889 targeting 0.007272.
Current momentum is up so in my opinion the long will be the safer setup. However, if price approaches the 4hr resistance and gets an obvious rejection,
it could present a good short opportunity if we can then break support as the 4hr resistance is close to the 61.8 Fibonacci retracement level.
Therefore I will be waiting for an obvious break of a level as confirmation for this trade.
Time frame: This trade could take 4 days to a week to play out once we get a break.
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Day trader, trading primarily crypto currency focusing on BitMex pairs.
Want to learn to trade? Come join the best only trading community focusing on technical analysis and mindset!
Send me a message on tradingview or discord (Jordan S#2373)
Not signed up on BitMex? Use my link and save 10% on fees for 6 months.
bitmex.com/register/OZY10v
- Monero recently broke out of its downtrend and market structure has changed it is now in an uptrend.
- At the moment price is ranging between the 4hr support and resistance as it approaches the current trend.
I will be looking for the breakout either way, a move up and out above 0.008127 targeting 0.008680
or alternatively a breakdown from 0.007889 targeting 0.007272.
Current momentum is up so in my opinion the long will be the safer setup. However, if price approaches the 4hr resistance and gets an obvious rejection,
it could present a good short opportunity if we can then break support as the 4hr resistance is close to the 61.8 Fibonacci retracement level.
Therefore I will be waiting for an obvious break of a level as confirmation for this trade.
Time frame: This trade could take 4 days to a week to play out once we get a break.
-------------------------------------------------------------------------------------------------------------
Day trader, trading primarily crypto currency focusing on BitMex pairs.
Want to learn to trade? Come join the best only trading community focusing on technical analysis and mindset!
Send me a message on tradingview or discord (Jordan S#2373)
Not signed up on BitMex? Use my link and save 10% on fees for 6 months.
bitmex.com/register/OZY10v
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