Awaiting entry for Monero's next spike
Monero looks set to hit $279 in the next week or two (max). This target is based on a Fib retracement drawn using the H1 (High 1) to L1 (Low 1) range.
The spikes preceding S4 (S1-S3) have all indicated a higher high soon to come, each retracing back to a support level established on the way up to each new high. I predict S4 to fall back and consolidate at approx $225 where my entry will sit.
Trendline T1 indicates the dips from each consolidation after the new highs set by S2 and S3. I'm placing a stop just outside this zone. This lies at approximately $192. This gives us a risk reward ratio of 1.61, which although it doesn't sound amazing, I'm more confident than this RRR implies.
Entry $225
Stop $192
Target $279
RRR = 1.61
The spikes preceding S4 (S1-S3) have all indicated a higher high soon to come, each retracing back to a support level established on the way up to each new high. I predict S4 to fall back and consolidate at approx $225 where my entry will sit.
Trendline T1 indicates the dips from each consolidation after the new highs set by S2 and S3. I'm placing a stop just outside this zone. This lies at approximately $192. This gives us a risk reward ratio of 1.61, which although it doesn't sound amazing, I'm more confident than this RRR implies.
Entry $225
Stop $192
Target $279
RRR = 1.61
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