I want to share with you my first Moneros analysis (XMRUSD), where I identified a long term tendency line in the Logarithmic Price Scale (if you dont understand this concept, please go to the end of this post where I explain it).
As you can see, Volume has been increasing throughout all the tendency line, which is a fundamental signal for a bullish market, and therefore we can trust it will continue to keep moving upwards. I also want you to notice the current downtrend tendency where the price is moving. This tendency is important because once the breakout has occured, it will be exactly the point where price will start moving to our both targets. If you are interested in Monero`s market, I recommend you to wait for this breakout signal, and MACD´s change of direction (from down to up). If this breakout doesn´t occur, we have to wait for a bounce in the tendency line. I will update this post continually :)
MY ORDERS
BUY STOP: 340
TakeProfit1: 395
TakeProfit2: 480
Remember numbers can vary depending on your risk profile and price expectations. The numbers I propose should be use as a reference :)
Are you interested in Technical Analysis?
I recommend you the John Murphy´s book: Technical Analysis of Financial Markets. It is a great introductory book.
If you find this analysis helpful, don't forget to follow, like and comment. I use to upload new analysis every day :)
