XMR is currently testing a crucial sweep level at 118.70, a point where bulls and bears are fiercely battling for control. This level has been a significant hurdle in the past, and a successful break above it could unlock a fresh wave of buying pressure. From a technical standpoint, the higher-timeframe bias remains bullish, with the RSI clocking in at 72, indicating a slight overextension but still plenty of room to run. Volume is also ticking up, coming in at 1.9x the average, which suggests that interest in the coin is growing.
The current price action is also compressing into an order block, sandwiched between the fair value gap and a key fibonacci level - a classic OB+FVG setup. This type of structure often precedes a significant move, and with the SMC score coming in at 6.6/10, the odds are stacked in favor of the bulls.
Here are the key levels to watch:
- Entry: 113.10
- Take Profit 1: 120.64 (RR 2.5x)
- Take Profit 2: 131.96 (RR 6.2x)
- Stop Loss: 110.08
Given the bullish bias, I'm looking to trade long, with a tight stop in place to manage risk. If you're following along, make sure to keep a close eye on the order block and be prepared to adjust your strategy as needed.
Stay sharp and let's ride this wave!
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