Monero enters new bullish phase after breakout [Video]
![Monero enters new bullish phase after breakout [Video]](https://editorial.fxsstatic.com/images/i/CHAINLINK_XtraLarge.png)
Monero (XMRUSD) is now aggressively breaking into new all-time highs, in line with expectations. On the monthly chart, price action continues to suggest significant room for further upside. Monero may be unfolding a five-wave bullish impulse, or alternatively, breaking out from a larger bullish triangle formation. In both scenarios, the technical picture supports much higher levels, with ample space toward the projected triangle target zone.
On the weekly timeframe, we are still tracking a projected extended wave (5) of wave 3. Fibonacci cluster targets continue to point toward the 1000 area before a higher-degree wave 4 correction is expected to unfold. At the moment, price appears to be rising within subwave 3 of an ongoing five-wave bullish impulse for wave (5). This suggests that additional gains are likely in the near term.
That said, traders should remain aware of a potential subwave 4 pullback, which would be a normal part of the structure, before a renewed bullish continuation in subwave 5 of wave (5) of 3.
For more analysis on other markets check our lates video below streamed on January 12:
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Author
Gregor Horvat
Wavetraders
Experience Grega is based in Slovenia and has been in the Forex market since 2003.
