HEY TRADERS, DUE TO ARI PAUL'S RECENT ANNOUNCEMENT OF HIS BELIEF IN MONERO, I FIGURED SOME OF YOU MIGHT BE INTERESTED IN ITS SHORT TERM FUTURE TRAJECTORY (SEARCH PAUL ON TWITTER IF YOU DON'T KNOW WHO HE HIS). SO HERE'S AN ANALYSIS ON XMR USING THE MOVING AVG EXPONENTIAL RIBBON INDICATORS.
**Please note that the information contained in or provided above is not intended to be and does not constitute financial advice, investment advice, trading advice or any other advice.**
RIBBON GENERALITIES: + IF THE COMPLETELY YELLOW RIBBON IS ABOVE THE COMPLETELY RED RIBBON, THIS SIGNALS AN UPTREND + IF THE COMPLETELY RED RIBBON IS ABOVE THE COMPLETELY YELLOW RIBBON, THIS SIGNALS A DOWNTREND + MORE SPACING BETWEEN ALL 8 RIBBONS = EITHER A BIG UP SURGE OR DOWN SURGE + COMPRESSED RIBBONS = PRESSURE BUILDUP, WHICH WILL RESULT IN POSITIVE SURGE OR NEGATIVE SURGE.
MONERO ANALYSIS: + TRADING RANGE = $262 - $471 + LOOKS LIKE RIBBONS WILL FAN OUT SOON WITH YELLOW ABOVE RED, MEANING WE WILL SEE BIG UPTREND. + WE MAY SEE SOME RESISTANCE AT $394 AND $420 LEVELS. IF PRICE BREAKS THESE WE WILL HEAD TO $470 RELATIVELY SMOOTHLY. (HIGHLY LIKELY) + IF RED RIBBON CROSSES YELLOW (RED ABOVE YELLOW), WE WILL SEE DOWNTREND AND TEST $300 LEVEL FOR A POTENTIAL HUGE DIP OR BOUNCE-BACK. (UNLIKELY)
PLEASE LET ME KNOW IF YOU HAVE ANY QUESTIONS, I'M ALWAYS HAPPY TO HELP OUT. HOPE YOU GUYS KILL IT OUT THERE! HAPPY HUNTING MY FRIENDS.