Hi friends hope you are well, Since Jan 2020 the Bollinger bands on month chart is getting squeezed and priceline was moving sideways indicating that the price action might have found a support here. After recent bearish move the priceline has 1st time hit the lowerbands of Bollinger bands and turning bullish now we can expect after this bounce the price action may attempt to hit the upper bands of Bollinger bands soon.
Formation Of Parallel Channel:
On week chart after hitting the $38.50 price the price action has found the support at $44 and since Dec 2018 the price action is consolidating here and moving sideways.
In the meanwhile the candle sticks are moving up and down and formed a parallel channel and the resistance of this channel is at $121.
channel is very firm as the resistance or support are not broken since Dec 2018. This time after recent bearish trend the price line has again hit the support of this channel and likely to move up.
Oscillators and indicators:
On week chart the moving average convergence divergence is turning bullish and RSI has also turned bullish. The stochastic is also likely to give bull cross very soon.
The bullish Crab move:
The recent bearish trend has helped many tokens and cryptocurrencies to complete their final bearish legs to form bullish patterns and Monero was also one of them. On 2 day chart the XMR formed a bullish crab pattern at the support of the parallel that the Monero has formed on the weekly chart. And as per Fibonacci sequence the priceline was suppose to take the bullish divergence and move up from the potential reversal zone of this bullish Crab.
I also published this Crab move in my article on 17th of March 2020 and now at this time the priceline has moved up as per prediction and entered in the Fibonacci projection of A to D leg of this bullish Crab pattern.
Before execution:
After execution:
A very big bullish BAT pattern move:
Now at this time I am again looking at the very big bullish BAT pattern that has been formed by the priceline of XMR on monthly chart. And we can examine that the price action is moving at the support of the potential reversal zone of this very big bullish BAT pattern. Once the priceline will be able to break out from the resistance of the parallel channel that has been formed on weekly chart then soon it will also hit the Fibonacci projection of A to D leg of bullish BAT On monthly chart as well and in this case Movero can produce more than 584% massive bullish rally.
Note: This idea is education purpose only and not intended to be investment advice, please seek a duly licensed professional and do you own research before any investment.