On the daily chart, the price action of Monero (XMR) is completing the final leg of bullish Shark and soon it will be entered in the potential reversal zone. There is also 200 SMA support in the PRZ level. However, on breaking down the 100 simple moving average the pattern will be confirmed.
Buying And Sell Targets: The buying and sell targets as per the Fibonacci sequence of the Shark pattern should be:
Potential reversal or buying zone: $114.44 to $100.81
Fibonacci projection or sell zone: $127.74 to $156.53
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Stop Loss: The potential reversal zone area that is up to $100.81 can be used as stop loss in case of complete candlestick closes below this level.
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Possible profit and loss ratio: As per the above targets, this trade has a profit possibility of 55% and as per the above-mentioned stop loss, the loss possibility is 12%.
Note: Above idea is for educational purpose only. It is advised to diversify and strictly follow the stop loss, and don't get stuck with trade.
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