Trade Update: Our Buy Signal On Monero (XMR) Has Hit Second Take Profit Target!

 In Market News, Technical View, Trading Signals

Our Buy Signal on XMR/USD has hit our Second Take Profit Target at $300.0 price level (even though the high was about 299.0) Traders following this trade if not already done can book a Second Take Profit and close all or almost all of the position . Traders that like to continue holding a small position in this trade can do so while raising their stop loss order to the $225.0 price level; this way this trade will remain profitable no matetr what. Looking forword, Monero will need to beak and hold above the $300 level in order to move to the next price resistance at $350 & $410. price level.

Our Buy Signal on XMR/USD has hit our First Take Profit Target at $225.0. Traders following this trade are now profitable. In order to protect profits traders can raise their stop loss level to entry point. We will keepholding our remaining position and lookforward for our second Take Profit level at $300.

April 16 Update:

About monero:

The Monero (XMR) coin is a Private Digital Currency. Monero is used as cash to connect global payment transactions. It offers a fast, private and secure payment method and taking out the need for banking institution to facilitate global transactions and therefore individuals can feel safe knowing that no one can see their balance or monitor payment transactions.

Monero (XMR) offers unparallel security due to the fact it is a decentralized crypto currency. A decentralized crypto currency allows for a secure digital cash transaction by a network of users. Transactions are confirmed by distributed consensus and then immutably recorded on the blockchain. Third-parties do not need to be trusted to keep your Monero safe

Monero (XMR) provides privacy to users via special unique signature that makes the transaction confidential, making the origin of the transaction hidden as well as the destination of the funds and the transaction amount. Unlike other crypto currencies, Monero offers a similar decentralized technology with the benefit of privacy. Therefore, when using Monero to send and receive funds on the Monero blockchain technology, the transfer cannot be traceable to its origin and/or to the identity of the users.

The Trade:

Looking at the chart for Monero (XMR) trading vs. Tether (USDT-US Dollar), we can see that XMR is trading at support $190.0 level and we expect it to bounce higher in the very near future to resistance level at $230.0. Traders interested in taking advantage of current low price can buy XMR/USDT today at $190 level and set a First Take Profit target at about $225.0 level. In order to manage risk and protect from further downside, traders should use the prior lows at $159.0 as a stop loss level.

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