$XMR — SHORT SETUP 📉
XMR has rallied strongly from the 280–300 area, but price is now approaching an important resistance zone around the 0.5–0.618 Fibonacci retracement (540–600). This is an area where sellers could potentially step in.
More importantly, price has continued to push higher while the MACD Histogram is making lower highs, creating a bearish divergence. This suggests that although price is still elevated, the underlying bullish momentum is weakening.
The current structure therefore gives me a potential short setup, especially if price fails to reclaim the 600 area and confirms a reversal. The downside target is around the 320–330 support zone, while invalidation would be above the recent high/resistance area.
Watching for confirmation before entry. No blind short. 📉
#XMR #CryptoTrading #FuturesTrading #TechnicalAnalysis
XMR has rallied strongly from the 280–300 area, but price is now approaching an important resistance zone around the 0.5–0.618 Fibonacci retracement (540–600). This is an area where sellers could potentially step in.
More importantly, price has continued to push higher while the MACD Histogram is making lower highs, creating a bearish divergence. This suggests that although price is still elevated, the underlying bullish momentum is weakening.
The current structure therefore gives me a potential short setup, especially if price fails to reclaim the 600 area and confirms a reversal. The downside target is around the 320–330 support zone, while invalidation would be above the recent high/resistance area.
Watching for confirmation before entry. No blind short. 📉
#XMR #CryptoTrading #FuturesTrading #TechnicalAnalysis
