Long on retest

10 Mei 2021

On the daily chart you can see Moneros price currently has a strong correlation to the relative strength of Bitcoin. As of now Bitcoin is heading for a strong resistance zone 57500 were I think there will be another bounce and test of the 59000 area where I will be waiting for a high volume breakout of the wedge. I think this is pretty unlikely for BTC right now however an entry on the retest puts us in decent long position should it fail and if it does succeed I see no reason why Monero wont be on route to 520+ again. This is not financial advice posting for learning purposes, keeping a log of the thought process behind my trades to better my analysis in future. Let me know what you think, safe trading!