Monero continues to find buyers near the $120 level, as we have recently completed a large “W pattern” on the hourly chart. This is one of your more supportive formations on a candlestick chart, showing that the buyers have returned at least twice to push the market higher.
A break above the $128 level freeze this market to try and take out the $132 level. Move above there should continue the longer-term uptrend. I suspect that once we get above that level, the $150 level will be the next target. I still believe in buying dips, as Monero has proven itself to be rather resilient.
For what it’s worth, the “W pattern” was formed at the $100 level, which of course has a certain amount of psychological importance to traders.
I believe in buying repeatedly
I believe in buying this market repeatedly, as pullbacks have obviously been opportunity. I think that we will go looking for the $150 level over the course of the next 4 to 5 days, but even if it takes longer, that only gives us an opportunity to build up an even larger position.
Selling is all but impossible as Monero has proven itself to be one of the stronger crypto currencies over the longer-term. Once we can break above the $150 level, I suspect that “fresh money” will enter the marketplace, chasing higher returns. Monero seems to be one of the winners in the crypto currency world, and I think that it’s only a matter of time before we get the bump higher that we need.
If we did somehow break below the $116 level, I suspect there would be a flood of orders waiting at the $100 level. It is not until we break below $100 that I would consider selling this market, and even then I would have to reevaluate the entire situation first.