Monero: Long-Term Buy
Monero, 4-Hour Chart analysis
Monero is consolidating near its all-time highs from last September, around the 20 level. An encouraging short-term base formation is developing between 17 and 18, and that could serve as support for a new leg up in the strong rally in March. The currency is in a wedge formation, with a likely break-out from the pattern in the near future.
Long-term investors could establish a position in the current low-volatility environment with favorable risk-return ratios. Stop-loss orders might be placed below the base formation, while the 23 and 26 resistance levels provide targets for profit taking orders, with new all-time highs being possible in the coming weeks.
Bitcoin: Long-Term Buy (Update)
Bitcoin, 4-Hour Chart Analysis
Bitcoin re-tested the 900 area following our previous long-term buy recommendation, and since then it broke out from the short-term declining trend channel. The currency is now possibly headed for the prior all-time highs near the 1290 level.
If Bitcoin manages to stay above the 1075 resistance level, traders could raise the stop-loss level from the initial value to around the 975-980 zone.