In my most recent XMR analysis I talked about the bearish channel that this token was trading in. Back then, XMR was on the verge of breaking out.
As we know now, the break out failed and didn't occur in the end. No trade has been triggered.
For now, XMR can do two things.
- Fall further, potentially even going back to the lower support of the channel. This would be my absolute worst-case scenario, which would coincide with a new low on BTC.
- Minor rejection from the top resistance and another push up in the near future. This would be my most likely scenario.
Targets in blue are the same as last analysis.
As we know now, the break out failed and didn't occur in the end. No trade has been triggered.
For now, XMR can do two things.
- Fall further, potentially even going back to the lower support of the channel. This would be my absolute worst-case scenario, which would coincide with a new low on BTC.
- Minor rejection from the top resistance and another push up in the near future. This would be my most likely scenario.
Targets in blue are the same as last analysis.
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