Chart shows common supports and resistances based on the Fibonacci and price action. The total evaluation for the XMR coin is neutral-bearish. The coin has a very healthy sentiment below the 175$ region, but the constant consolidation above the 0.236 (above 200$) and the repetitive oversold indications in the Relative Strength Index were not helpful confirmations in making this asset a "confident long term investment" since as you can see in the chart, there were no established lower highs and is now currently threatening current investors for a lower low price target. It had been previously being rejected in the 300$ region multiple times as well in a larger timeframe which depicts that no buyers are interested enough to establish a reasonable buying support there. The coin's trend is now below the 200 MA which portrays a bearish signal/tone in the price action.
This asset should be taken into consideration of only soft buys and not full time investments. The soft buy at 174$ region is not advised if the "general" market is overly bearish, but it would be a better buy if we have a confirmed bull market.
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The short bias indication in this idea is made due to several criteria:
a.) Highly prone lower low in Bear Zone
b.) Failed establishing lower high in oversold RSIs
c.) Below the 200 MA
d.) Rejected at the 0.382 FIB multiple times in a daily timeframe
e.) Shorts are more likely to be more profitable than longs.
The recommended strategy for this coin is to buy it below the 174$ region approximately 140-160$ or less and short it in the 280-300$ region during bear trends.
This asset should be taken into consideration of only soft buys and not full time investments. The soft buy at 174$ region is not advised if the "general" market is overly bearish, but it would be a better buy if we have a confirmed bull market.
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The short bias indication in this idea is made due to several criteria:
a.) Highly prone lower low in Bear Zone
b.) Failed establishing lower high in oversold RSIs
c.) Below the 200 MA
d.) Rejected at the 0.382 FIB multiple times in a daily timeframe
e.) Shorts are more likely to be more profitable than longs.
The recommended strategy for this coin is to buy it below the 174$ region approximately 140-160$ or less and short it in the 280-300$ region during bear trends.