XMRUSDT is poised for a longer term bull run and to sock some monero away. On the daily chart the price has surpassed and closed above the Monthly Pivot Range high. This is a significant event in that it confirms the last week’s move as something sustainable with the bias has shifted from the many weeks of bearishness, to one of bullishness.
The 14 Day Pivot Moving Average (red line) has crossed the yellow 30 Day Pivot MA and is approaching the crossover of the white 50 Day Pivot MA. This is also a bullish sign that shows the legs underneath the move up. There are no other key Pivot levels that are in the way of a long term move higher.
The action to take is to place a buy order to enter the market long. The support level near term should be the Monthly Pivot high but look for longer term support all the way down to the Monthly Pivot low. This is a long term trade so be patient and keep your stop loss far enough away to avoid getting prematurely stopped out.
This is a good risk reward ratio within a high probability setup with a lot of support.
Entry Price: 300.00
Stop Loss: 209.00
Profit Targets: First profit target 376. Second profit target 424. Once price reaches 340.00 raise the stop loss to breakeven, then as the market moves higher trail the stop loss 35.00 points back until you hit the profit targets or stopped out.
