Here is an update of a previous Monero chart. It was painting an ugly Head & Shoulders while other AltCoins were bouncing and thus required a “buy the strength” approach. In the last report price had bounced off of support and was resting up against resistance.
The Risk vs Reward of the set up suggested buying the strength of a breakout rather than front-running the Head & Shoulders. That first level has broken and resistance is trying to turn into support. Price is short term bullish above the recently broken resistance.
Disclosure. The author does not own any XMR.