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Monero's buyers should wait for a breakout of the triangle


Monero is a decentralized cryptocurrency that used ring signatures to ensure confidential transaction, and stealth addresses to obfuscate the origins, destinations, and amounts of all transactions. That's one reason it is well regarded among privacy-conscious persons.

Monero has been creating a clear ascending channel since March 13, following the sharp March 12 market crash. The current price is near the levels previous to the crash. On the chart, we see that at April's end, the price created a downward movement that pushed its valuation to below the lower side of the channel, which happened on May 10. The subsequent bounce brought the price up to near that high ($68.265), and currently moves in a kind of triangular formation. We see that the price is moving below the mid-line of the regression channel, although its 50-period SMA is acting as support. We see also that both the 50- and 200-period SMA slopes are positive, as well as the regression channel. Thus we confirm that the trend is bullish.

A long trade setup has arisen, with the breakout above the current upper triangle edge, a stop-loss level below its 50-SMA and the latest lows, and a take profit conservatively set at the projection of the tops reached in the previous bullish legs. The Reward/risk factor is excellent (1.87).

Main levels

Long entry: 67.774

Stop-Loss: 64.720

Take-profit: 73.5

Reward/risk: 1.87

Risks: $3 for every XMR coin purchased.

Reward: $5.73 for every XMR purchased.

Assuming we use a 1 percent risk on every trade as our position sizing strategy, this would mean we should buy 3,33 XMR coins every $1,000 in our account.

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Source: https://www.cryptorocket.com/news/moneros-buyers-should-wait-for-a-breakout-of-the-triangle/
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