Hi Traders! We have Monero buy opportunity inside triangle pattern. A detailed analysis of this buy setup is as follows:
Monero Daily Chart:
On the daily chart the price is moving inside a triangle pattern and is respecting it so far. Currently the price has reached the bottom of this pattern, if we didn’t get a valid breakout here we may then expect the price to move higher until it reaches the top of this triangle. We also have a bullish divergence that has formed which we may consider as an evidence of bullish pressure. Hence there are two possible scenarios from here, which are as follows:
Monero H4 Chart Scenario 1:
On the H4 chart the price has reached the bottom of the daily triangle and is moving higher. We may now expect a correction to happen until price reaches the zone shown in the image and once this correction completes itself, we may then start looking for buys.
Monero H4 Chart Scenario 2:
In this scenario we may expect a deeper correction with the price moving lower below the bottom of the daily triangle, thus creating a false break for us. Once the false break completes itself, wait for the price to get back inside the triangle pattern and then we may start looking for buys with bullish evidences.
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